International travel boosts American Airlines’ revenue
Demand for international travel boosted traffic and a key revenue measure on American Airlines last month.
American parent AMR Corp. said Tuesday that passenger revenue for every seat flown one mile rose 1.7 percent in June to a record 14.39 cents.
That statistic is a closely watched measure of pricing power in the airline business, because airlines can increase revenue per seat by charging higher average fares.
AMR said that passengers on American and regional subsidiary American Eagle flew 12.46 billion miles last month, up 2.4 percent from 12.17 billion miles in June 2012.
The airlines raised passenger-carrying capacity even faster, however – by 2.6 percent – so the average flight was 86.9 percent full, down from 87.1 percent a year earlier. Domestic flights, however, were more crowded than in June 2012.
Traffic across the Atlantic declined 1.8 percent, but traffic to and from Latin America rose 10.1 percent, and Asia Pacific traffic jumped 12.2 percent.
Teen summer employment strongest in seven years
Teen summer employment had its strongest start this season in seven years, according to outplacement firm Challenger, Gray & Christmas Inc.
Teenagers had been competing with older, displaced workers during the economic recovery, but have recently made some strides in the retail sector, which has traditionally hired young workers.
About 994,000 teens, ages 16 to 19, have found jobs so far, according to Bureau of Labor Statistics figures the firm analyzed. The figures are not adjusted for seasonality, but year-over-year comparisons show that the labor market has been able to absorb young workers.
In June, 779,000 teenagers found jobs, according to BLS figures. That’s down from 858,000 in June 2012. Still, 2013 could prove to be better than 2012, when 1.4 million teenagers found work in the months of May, June and July.
The firm, however, cautioned that teen employment prospects could waver as the summer progresses.
Tesla joining Nasdaq-100; Oracle moving to NYSE
Tesla will be joining the Nasdaq-100 Index on Monday as software maker Oracle Corp. heads to the New York Stock Exchange.
The electric car maker’s stock rose in premarket trading Tuesday.
Oracle announced its planned move to the NYSE in June. At the time, the NYSE said that it would be its largest market transfer listing to date. Oracle, based in Redwood Shores, Calif., will be the fourth Nasdaq-100 company to transfer to the NYSE in the past year. Its market capitalization was $146.5 billion at the end of trading Monday, according to FactSet.
Tesla, based in Palo Alto, Calif., has an approximately $12.8 billion market capitalization.