Passenger revenues for a sample group of U.S. airlines dropped 21% in July, marking nine consecutive months of year-over-year declines, according to new figures from the Air Transport Association. While the average price paid to fly one mile in July fell less sharply than in June, ATA President and CEO James May said there was little reason for optimism. "The fact is that the number of air travelers continues to fall despite double-digit declines in fares," he noted. Meanwhile, air cargo extended its losing streak to 11 consecutive months, with June revenue ton miles sliding another 15%.

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