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Economy Briefs: High air fares expected for most of this decade
Question of the Day
High air fares expected for most of this decade
Air fares are expected to remain high for most of this decade, according to a government forecast.
The Federal Aviation Administration said Thursday it expects airline traffic to double while capacity shrinks. In its annual economic analysis, the FAA predicted travelers won’t get much relief until airlines start getting more competition, which is years off.
Airlines are expected to keep planes flying as full as possible, matching consumer demand to available seats.
In the near term, more airline mergers and consolidation will reduce the number of cities served as well as the number of flights in the nation’s air travel network.
The agency forecasts the number of miles flown by passengers to increase, from 815 billion in 2011 to 1.57 trillion in 2032.
McDonald's revenue figure falls short of expectations
NEW YORK | McDonald's Corp. said Thursday that a key revenue figure came in short of expectations in February as severe weather in parts of Europe and the timing of the Chinese New Year hurt its performance.
The world’s biggest hamburger chain also noted that it’s navigating an environment of “persistent economic uncertainty, austerity measures in Europe, and commodity and labor cost pressures, particularly in the U.S.”
The Oak Brook, Ill.-based company said the challenges are expected to hurt its first quarter operating income growth.
For February, the company said global revenue in restaurants open at least 13 months rose by 7.5 percent, driven by an extra day in the leap year and strong results in the United States.
But that still fell short of the 7.7 percent increase analysts on average were expecting, according to a poll by Thomson Reuters.
Shares of McDonald's fell $3.30, or 3.3 percent, to $96.88 in morning trading. They had surged to $102.22 on Jan. 20 but are up 33 percent from their low of $72.89 almost a year ago.
By Andrew P. Napolitano
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