US airlines carried 3 million passengers in April, a staggering 96% decline amid the coronavirus
WASHINGTON, June 11 (NNN-AGENCIES) — US airlines carried 3 million passengers in April, a staggering 96% decline amid the coronavirus pandemic and flight restrictions, the Transportation Department said.
The department said U.S. airlines carried about 2.8 million domestic passengers and 132,000 international passengers. International passengers fell 99% over April 2019 as the U.S. imposed flight restrictions on many international visitors.
Total U.S. airline passengers were the lowest since 1974 when the government began collecting monthly data. By comparison, there were 76.1 million total U.S. airline passengers in April 2019.
Meanwhile, US consumer prices fell for a third straight month in May and underlying inflation was weak as demand for goods and services remained subdued amid a recession caused by the COVID-19 pandemic.
But with nonessential businesses reopening after shuttering in mid-March to slow the spread of COVID-19, deflation, a decline in the general price level, is unlikely. Still, the report from the Labor Department on Wednesday suggested the disinflationary trend could persist for a while.
That together with a struggling labor market could see the Federal Reserve maintaining its very accommodative monetary policy stance for some time while nursing the economy back to health. Officials from the U.S. central bank were wrapping up a two-day policy meeting on Wednesday.
The Labor Department said its consumer price index dipped 0.1% last month after plunging 0.8% in April, which was the largest decline since December 2008. Prices were held down by a 3.5% drop in the cost of gasoline, which followed a 20.6% plunge in April. That offset a 0.7% increase in the cost of food last month. Food prices jumped 1.5% in April.
Prices for food consumed at home rose 1.0% after surging 2.6% in April. The cost of beef shot up a record 10.8% in May, reflecting shortages as a result of COVID-19 infections at meat processing plants. Consumers also paid more for dairy products, fruits and vegetables. But cereals and bakery products were cheaper last month.
In the 12 months through May, the CPI edged up 0.1%. That was the smallest year-on-year rise since September 2015 and followed a 0.3% increase in April.
The National Bureau of Economic Research, the arbiter of US recessions, declared on Monday that the economy slipped into recession in February.
The economy has shed nearly 20 million jobs since March. — NNN-AGENCIES
