The seasonal cycle of passenger load factors normally sees a fall in November each year and 2010 is no different. The industry passenger load factor in November was 75.6%. Stripping out the seasonality shows that the passenger load factor continues in the fairly stable 78-79% range seen for most of 2010. This stability in load factor is a function of the similar rates of capacity addition and traffic increase over the year. The load factor in November continues to track just above that seen in 2009, but has now fallen just below the 2007 level. Further acceleration in capacity addition

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