Memorial Day weekend kicked off the 2021 summer travel season with TSA throughput reaching as high as ~1.9 MM non-crew passengers on Friday (5/28), comments a report from Cowen. The trailing 7-day average was above May’s level by ~4 pts and in-line with Cowen’s forecasts on an absolute basis. Filled seats (Cowen’s load factor-like measure) broke pre-pandemic levels last week, indicating load factor is likely approaching 2019-levels. Commenting, Cowen states that it believes domestic flights are seeing load factors “around pre-pandemic levels, thereby allowing airlines to manage price more than they’ve been able to through most of the pandemic. While

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