In the September report of the Airlines Financial Monitor from the International Air Transport Association, the final second quarter airline financial data confirms a decline in airline profitability compared to the same quarter a year ago. Industry-wide cash flows are better than a year ago, but this masks considerable regional differences. Global airline share prices eased lower in September, despite a 1.0% gain in the North American sub-index and notwithstanding a small gain in global equities overall. Over the past year, North American airline shares continue to outperform the wider equities market. Oil and jet fuel prices both moved solidly
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