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Wednesday, December 31, 2008

Report Marks Air Transport Decline

Kathryn Creedy

The Commerce Department issued a report today saying that travel spending took its biggest hit since 2001. For the fourth consecutive quarter, air transportation was down and declined to most of all travel sectors dropping by 20.4 percent in the third quarter following an 18.7 percent drop in the second quarter. The numbers include international flights which declined dramatically as well after strong demand in the previous two quarters.
The department’s Bureau of Economic Analysis indicated that real spending on travel and tourism declined at an annual rate of 8.1 percent in the third quarter after real spending – adjusted for price changes – grew 2.8 percent.

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