On a scale of one to five, with five being very dire, aviation industry analyst Darryl Jenkins rates the current health of the U.S. airline industry at about a 10 or 12—and he’s not sure that it won’t get worse. In response to low demand, airlines are scheduling fewer flights, reducing capacity by flying smaller aircraft, negotiating wage concessions to cut labor costs and slashing ticket prices to a level not seen since 1987. Jenkins, who is director of The Aviation Institute at George ...

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