NEW YORK (CNNMoney.com) -- The airline industry suffered its largest drop ever in passenger revenue last year as a weak economy grounded many would-be travelers, an industry group said Wednesday.
The Air Transport Association of America said total passenger revenue for the major U.S. carriers fell 18% in 2009 versus the year before. It was the largest drop on record, exceeding the 14% decline in 2001.
The revenue decline was due to a 6% drop in passenger volume, and a 13% plunge in the average price paid to fly one mile, the ATA said.
"The global recession, accompanied by high levels of unemployment, hit air travel demand especially hard in 2009," said James May, ATA chief executive and president, in a statement.
But the outlook for the current year is a bit brighter. "Anecdotal evidence suggests a positive revenue trajectory in 2010," May added.
Still, he warned that the airline industry remains vulnerable. "We are seeing higher fuel prices as well, which could hinder recovery efforts," May said.
For December, passenger revenue was down 4% versus the month before. It was the 14th consecutive month of declining sales, as traffic fell 3% in the month. 
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 15,345.99 | -8.41 | -0.05% |
| Nasdaq | 3,494.02 | -4.95 | -0.14% |
| S&P 500 | 1,666.81 | -0.66 | -0.04% |
| Treasuries | 1.95 | 0.01 | 0.26% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.57 | 0.14 | 1.04% |
| Cisco Systems Inc | 23.77 | -0.47 | -1.94% |
| Microsoft Corp | 34.90 | 0.03 | 0.09% |
| Ford Motor Co | 15.12 | 0.04 | 0.27% |
| Advanced Micro Devic... | 4.16 | 0.09 | 2.33% |
|
Two leaders in food delivery, Seamless and GrubHub, announced that they will merge on Monday morning. More |
Poverty is growing faster in the suburbs than anywhere else in the United States, surging 64% over the past decade. More |
Tumblr is the latest startup to be acquired by Yahoo, but the big purple tech giant's previous buyout record is spotty. More |
Small business owners say they're not yet feeling the effects of an improving economy, and most aren't rushing to hire, or seeking funds to invest in their businesses. More |
Between ballooning student loans, credit cards and money owed to family members, graduates of the class of 2013 are facing an average $35,200 in debt, a Fidelity survey found. More |
.
