Morning Business Report: U.S. Airlines made $7 billion from checked bags alone
U.S. airlines saw more than $6.7 billion in baggage fee revenue last year, according to the Bureau of Transportation statistics. American Airlines alone earned almost $1.4 billion from checked bags. That accounts for more than two percent of the carrier’s full-year revenue. For decades, most bags flew for free. However, in recent years fees have surged, boosting the bottom line of the nation’s carriers. Together, they hauled more than 470 million passenger bags last year.
The Federal Trade Commission estimates that a ban on non-competes would expand career opportunities for 30 million Americans and increase wages by nearly $300 billion annually. Non-compete contracts were initially given to executive-level employees, as a means to protect trade secrets. Today, non-competes can be found in nearly every industry in America. It is estimated that 18 percent of U.S. workers are bound by non-compete contracts.
The DOW jumped 500 points, breaking a four-day losing streak as regional banks and Apple shares surge.
The U.S. economy added 253,000 jobs in April.
U.S. adults were asked what their monthly expenses look like. Of the 1,800 participants, 48 percent said their grocery costs are eating up the majority of their monthly budget, followed by utility bills and credit card debt. Gen x is spending the most on groceries. The study also revealed that, when it comes to finances and banking, people across all generations prefer a human touch. The vast majority, 83 percent, said they prefer using a physical bank for their financial needs. The poll was commissioned by Usertesting and conducted by OnePoll.
Live Nation posted a record $3.1 billion in revenue in the first quarter of 2023. That’s up 73% from last year. This, despite possible regulation and tremendous fallout from botched Ticketmaster sales for the Taylor Swift Eras tour. The ticket-industry giant said that over 19 million people attended events across 45 countries in the first quarter. Many venues and markets opened fully for the first time since the global pandemic began in 2020.
