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Washington – Higher fares and lower labor costs will help the global airline industry combat soaring jet-fuel prices and trim its losses in 2006, an industry group said Wednesday.
The head of the Geneva- based International Air Transport Association, Giovanni Bisignani, projected a $2.2 billion loss for the global airline industry in 2006, down from $6 billion in 2005, as profitability among European and Asian carriers is expected to offset narrower losses for U.S. airlines.
Bisignani spoke at an industry luncheon in New York. A copy of his speech was posted on the association’s website, www.iata.org.
