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BTS Reports Decline in Airline Passenger Revenue And Rise in Freight Revenue
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BTS 31-02 David Smallen
202-366-5568
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Tuesday, December 31, 2002 -- The U.S. Department of Transportation's Bureau of Transportation Statistics
(BTS) today released its monthly Transportation Indicators report showing
that air carrier passenger revenue in the quarter ending in September
declined from 2001 while freight revenue rose from the year before for the
second consecutive quarter.
Passenger revenue, adjusted for inflation, was down 7 percent from 2001, the
sixth consecutive quarter of declines over the same quarter in the previous
year. Inflation-adjusted freight revenue was up 8 percent in the third quarter from the third quarter of 2001 but did not offset the decline in passenger revenue.
Airline passenger revenue in the third quarter was $9.7 billion, down from
$10.4 billion in 2001. Passenger revenue reached its highest level in the
second quarter of 2000 at $13.2 billion.
Freight revenue in the third quarter was $1.7 billion, up from $1.6 billion
in 2001. Freight revenue reached its highest level in the fourth quarter of
2000 at $1.9 billion.
BTS has issued the Transportation Indicators report monthly since September
2000 as an update of critical transportation information that details the
impact of transportation on the nation's economy and society. The December
report is the final Transportation Indicators. The full report is available
at www.bts.gov, where BTS data will continue to be
posted regularly.
Other trends highlighted in this month's report are:
- Air carriers lost an amount equal to 5 percent of their assets for
the year ending in September, the lowest 12-month yield in the 10 years
tracked by this report.
- Large U.S. passenger carriers' scheduled operations increased 2
percent in October from October 2001, the first year-to-year increase since
August 2001.
- The producer price of scheduled air freight transportation
increased nearly 12 percent in October from October 2001- reaching the
second highest level in the 10 years tracked by this report.
- The cost of air travel to consumers was 2 percent lower in October
than in September.
- Employment in for-hire air transportation decreased 0.35 percent
in November from October, falling to the lowest level since December 1997.
- Jet fuel prices in October reached 80 cents per gallon, the
highest level since February 2001.
- Consumers spent 10 percent more on motor vehicles and parts in the
third quarter of 2002 than in the previous quarter.
- The third largest monthly decline in prices for used cars and
trucks in the 10 years tracked by the Indicators report took place in
October as consumers spent nearly 2 percent less on used cars and trucks
than in October 2001.
- Light trucks have outsold cars every month except for May since
the beginning of 2002. Retail sales of cars were down 5 percent, light
trucks down 12 percent, and medium/heavy trucks up 22 percent in November
from November 2001.
- By the beginning of December, retail gasoline prices for all
grades averaged $1.40 per gallon-a 30-cent increase from December 2001.
- Public expenditures on water transportation decreased almost 23
percent in October from October 2001-the lowest level since December 2000.
- Net petroleum imports increased 2 percent in October from October
2001, while petroleum products supplied, a proxy for consumption, fell 2
percent. Domestic production was down 4 percent.
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