While U.S. airlines have been losing money over the past several quarters they are going better than during the 2001-02 period. As you can see from the past few slides U.S. airlines have become more efficient operators in recent years. This has helped them limit their losses during the current recession. However, despite the efficiency gains (for example, higher load factors, and increased passenger miles per gallon of fuel) U.S. airlines are still not profitable.
Data source:
U.S. Bureau of Transportation Statistics, F41 Schedule P12
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