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 | 15,387.58 | 52.30 | 0.34% |
| Nasdaq | 3,502.12 | 5.69 | 0.16% |
| S&P 500 | 1,669.16 | 2.87 | 0.17% |
| Treasuries | 1.94 | -0.02 | -1.07% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Bank of America Corp... | 13.44 | -0.07 | -0.52% |
| Ford Motor Co | 14.96 | 0.00 | 0.00% |
| Microsoft Corp | 34.85 | -0.23 | -0.66% |
| Cisco Systems Inc | 24.01 | 0.06 | 0.27% |
| Merck & Co Inc | 47.33 | 2.12 | 4.69% |
|
Shares of Sony spiked to their highest level in two years Wednesday on reports that the company is considering a spin off of its movie and music division. More |
The Army is planning to launch a new reality TV program, "Starting Strong" on June 2, aimed at recruiting 18 to 24-year-olds to enlist in the military. More |
Microsoft is making a bid to own the living room with its new entertainment device. More |
Only a tiny fraction of small businesses must comply with new Obamacare rules. And most of them are already providing insurance to employees. More |
The Federal Emergency Management Agency announced a series of aid programs available to tornado victims who live in one of the Oklahoma counties declared a disaster area by President Obama. More |
.
