Airline passenger revenue fell 19 percent in February 2009 compared to February 2008, according to the Air Transport Association of America. February is the fourth straight month that passenger revenues have decreased on a year-over-year basis.
Additionally, cargo traffic in the United States has seen a similar decline. While February numbers aren’t ready yet, cargo traffic declined 21 percent in January 2009 compared to January 2008. That’s after 17 percent year-over-year declines in both November and December.
“The sharp decline in spending by passengers and shippers demonstrates how the global recession is taking an increasing toll on the traveling public, as well as on time-sensitive cargo shipments,” said ATA Chief Economist John Heimlich. “The worldwide slowdown is forcing further capacity reductions, despite the meaningful drop in fuel prices.”