Thursday, July 29, 2010

LAX Freight Traffic Back to Pre-Recession Level



According to data from Los Angeles World Airports (LAX), air freight cargo at LAX reached a 30-month high in May of 168,297 tons, the highest freight volume since November 2007, the month before the recession officially started.  Air freight at LAX decreased slightly in June to 163,959 tons, but that was still a 19.2% improvement from a year earlier.  Compared to the recent bottom of 113,205 tons in February 2009, freight traffic at LAX has rebounded by 45%. Freight volumes in each of the last three months (April, May and June) have been the highest volumes for those months since 2007, which provides evidence of a complete recovery for LAX freight to pre-recession levels.

Passenger traffic at LAX in June was 4% above last year, and was the tenth month in a row that passenger traffic increased compared to a year earlier.    

Further highlights from today's LAX press release include:

1. Total passengers during the first six months of 2010 rose 4.9% compared to the same period last year, reflecting a 3.4% growth in domestic passengers and a 9% percent increase in international travellers. 

2. Air cargo tonnage also increased 24.8% to 941,238 tons during the first six months of this year, from 754,022 tons during the same period in 2009. Air mail tonnage rose 19.1% to 34,032 tons from 28,577 tons in 2009. Freight is up 25.1% to 907,206 tons this year from 725,445 tons in 2009.

“Since late last year we have seen a slow increase in passenger volume due to some improvement in the economy further assisted by added service on existing routes from several of the domestic and international airlines, and the introduction of new flights in June by Alitalia to Rome,” said Gina Marie Lindsey, executive director of LAX. “The next several months will confirm the extent to which recent upward movement in traffic is the foundation of a sustained pattern.”

6 Comments:

At 7/30/2010 8:28 AM, Blogger morganovich said...

and GDP growth slowed to 2.4%, with particular deceleration in june.

take out the inventory built up, and growth is even more tepid, though actually up slightly from q1. (though consumer spending was slower)

Final sales, which exclude inventories, rose at a 1.3% rate in the second quarter after rising 1.1% in the first quarter. Consumer spending slowed to a rise of 1.6% after rising at a 1.9% annual pace in the previous two quarters.

 
At 7/30/2010 12:04 PM, Blogger Benjamin said...

Morganivich-

Go to St. Louis Fed website, and read the piece by President Bullard. On quantitative easing. He says we need it.

 
At 7/30/2010 2:40 PM, Blogger Paul said...

Benji,

Go read Dallas Federal Reserve President's words about your boyfriend's war on capitalism instead.

 
At 7/30/2010 2:48 PM, Blogger morganovich said...

benny-

these constant "appeal to authority" arguments aren't going to accomplish anyhting.

fisher (dallas) and hoenig (KC) both want rates raised.

so who do we believe?

you need to make a fact based argument for your views, not point to some guy and say "he says so".

 
At 7/30/2010 9:12 PM, Blogger Paul said...

Hey Benji,

Today's Milton Friedman's birthday. You should take the day off from your QE hypocrisy at least for today.

 
At 7/31/2010 12:55 AM, Blogger Ron H. said...

Thanks for the link, Paul, It's good to know that at least SOMEONE at the Fed has some common sense.

 

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