Morning Business Report: Airfares rise as airlines cut flights and renters stay longer in homes

Plane ticket prices are climbing as airlines cut back on flights in response to weakening demand.

(LILAMAX)- Plane ticket prices are climbing as airlines cut back on flights in response to weakening demand. According to the Bureau of Labor Statistics, airfares rose 4% in July, the first monthly increase since January. Industry data from Cirium shows U.S. carriers reduced domestic capacity by 6% in August.

Meanwhile, a new study finds renters are staying put longer. On average, Americans have lived in their current rentals for four years, with nearly one-third remaining in place for seven years or more. Baby boomers and Gen X top the list for the longest tenancy, according to the survey conducted by Talker Research on behalf of digital insurer Lemonade.

On Wall Street, the S&P 500 slipped less than a point Monday, holding just shy of a record high set last week. The other major indexes also remain near historic levels.

In the auto sector, Infiniti is moving forward with its product revival. The company unveiled the QX65 Monograph, a sportback SUV concept that builds on the brand’s “Artistry in Motion” design language. Inspired by the pioneering Infiniti FX, the new model will launch as a U.S.-built two-row midsize SUV in April.

And in the world of dating, new research suggests financial traditions are shifting. A survey by Talker Research for banking app Chime shows most younger singles favor transparency about money, while 42% of baby boomers and 45% of Gen X still believe men should foot the bill.