NEW YORK (AP) — U.S. stocks are closing with slight gains, just enough to push the market further into record territory.
The new RaceTrac convenience store and gas station constructed in Calhoun is set to open next week.
Atlanta-area Simon shopping centers including Calhoun Premium Outlets announced today enhanced holiday season opening hours to accommodate the needs of busy holiday shoppers.
NEW YORK (AP) — U.S. airlines are saving tens of millions of dollars every week because of lower prices for jet fuel, their largest expense. So why don't they share some of the savings with passengers?
Simply put: Airlines have no compelling reason to offer any breaks. Planes are full. Investors want a payout. And new planes are on order.
In fact, fares are going higher. And those bag fees that airlines instituted in 2008 when fuel prices spiked aren't going away either.
In the 12 months ended in September, U.S. airlines saved $1.6 billion on jet fuel. That helped them post a 5.7 percent profit margin in the first three quarters of this year, robust for the industry but lagging behind the 10 percent average for the Standard & Poor's 500.
In the past six years, airlines have done a great job of adjusting the number of flights to fall just short of demand. As a result, those who want to fly will pay a premium to do so. Airlines are selling a record 85.1 percent of their domestic seats. Thanks to several mega-mergers, four big airlines control the vast majority of flights, leaving very little room for another airline to undercut fares.
With that in mind, here's a closer look at what's going on with airfare and the price of jet fuel:
— The average domestic airline ticket during the first nine months of this year rose 3.1 percent to $374.96, according to an Associated Press analysis of data from the Airlines Reporting Corp., which processes ticket transactions for airlines and travel agencies. That figure doesn't include another $56.32 in taxes and fees that passengers pay.
— In the 12-month period ending in September, U.S. airlines burned through nearly 16.2 billion gallons of fuel. They paid an average of $2.97 a gallon — down from $3.07 the prior year, according to the Bureau of Transportation Statistics. That 10-cent drop saved the industry $1.6 billion. Fuel prices have since fallen further. United Airlines estimates it will pay $2.76 to $2.81 a gallon during the last three months of the year.
— Put another way: U.S. airlines burn through 311 million gallons of fuel in a week. Lower fuel prices are saving them $31 million a week.
— Granted, with 751 million passengers carried last year that averages out to a savings of $2.15 for each leg of a trip a passenger takes: $4.30 on a roundtrip non-stop ticket or $8.61 on a roundtrip connecting itinerary.
— Fuel accounts for 34 percent of an airline's operating costs. The non-fuel costs include salaries and benefits, lease payments on airplanes, maintenance and fees for landing at airports. That doesn't include the cost of reservation systems, marketing or food and drinks.
— Airlines are also reinvesting in their planes, airport terminals and computers. In the first nine months of this year, U.S. carriers spent $10.2 billion on capital improvements, according to the industry's trade and lobbying group, Airlines for America. That more than $1 billion a month, the highest pace since the 9/11 terrorist attacks.
— Airlines are on the largest jet-buying spree in the history of aviation, ordering more than 10,000 new planes with manufacturers Airbus and Boeing in the past five years. Those orders are for new, fuel efficient planes. A temporary drop in oil prices shouldn't slow that process. New jets last 15 to 20 years and the buying is driven by cheap credit almost as much as high oil prices.
— Money is also going back to investors. American Airlines this year paid its first dividend in 34 years, while Delta Air Lines restored its payout last year. Southwest Airlines, which has paid one for more than 37 years, boosted its payout by 50 percent this spring. The airlines are all also buying back large amounts of their own stock.
— Airlines responded to high fuel prices by limiting the number of flights, giving them the power to charge higher fares. Now, Wall Street analysts are worried that lower oil prices are causing them to recklessly add new routes or extra flights where profits aren't guaranteed. Hunter Keay, an analyst with Wolfe Research, recently wrote in a note to investors that the beauty of high oil prices is that they "force airlines to make hard choices that are almost always good for the long term investability of the space, mainly around capacity decisions and fees."
Scott Mayerowitz can be reached at http://twitter.com/GlobeTrotScott.
Coming home from war should be one of the happiest days in a veteran’s life.
Bill Thompson, representing the Development Authority of Gordon County, spoke on behalf of the Pilot Agreement for Mohawk Industries at Tuesday’s Gordon County Board of Commissioners meeting.
Gov. Nathan Deal announced today that Georgia’s net tax collections for October totaled $1.55 billion, an increase of $87 million, or 5.9 percent, compared to October 2013. Year-to-date, net tax revenue collections totaled $6.24 billion, which was an increase of $298.5 million, or 5 percent, compared to the previous fiscal year, when net tax revenues totaled $5.94 billion after four months. Year-to-date gross tax revenues, before refunds and distributions to local governments, totaled nearly $8.2 billion, which was an increase of $453.5 million, or 5.9 percent, compared to October 2013.
Holmes Clothing, located at 235 Main Street, will celebrate 120 years in 2015.
ATLANTA -- Georgia continues to rank sixth in the nation and third in the Southeast in over-the-year job creation. The state gained 80,000 non-seasonally-adjusted jobs between September 2013 and September 2014, for a growth rate of 2.0 percent. The comparable national job growth rate for the same period was also 2.0 percent.
The Gordon County Chamber of Commerce is set to present Expo 2014 on Wednesday, Oct. 22, from 10 a.m. to 2 p.m. at Calhoun High School. More than 70 vendors are set to attend, with registration still open and several businesses claiming double booths to maximize their presence at the event.
Roots Salon is a newly-renovated hair salon located in the historical district of downtown Calhoun at 200 S. Park Ave.
ATLANTA – The Georgia Department of Labor’s (GDOL) Rome Career Center will help Kelly Services recruit seasonal workers for Petz Enterprises, a software support company in Rome. The recruitment will be held Thursday, Oct. 9, from 10 a.m.-1 p.m. at the career center at 462 Riverside Parkway.
ATLANTA – More than fifty employers have signed up to participate in the Georgia Department of Labor’s (GDOL) career expo set for Thursday, Oct. 2, from 1-4 p.m. at the Clarence Brown Conference Center, located at 5450 State Route 20, Cartersville.
Cotton and Twine Boutique, located in the Downtown Business District on North Wall Street, is experiencing rapid growth at its Calhoun location.
ATLANTA – Job seekers in Cartersville and surrounding areas will have an opportunity to connect with businesses trying to fill current or future job openings during a career expo sponsored by the Georgia Department of Labor (GDOL). The expo will be held Thursday, Oct. 2, from 1-4 p.m. at the Clarence Brown Conference Center, located at 5450 State Route 20, Cartersville.
ATLANTA – Georgia is ranked sixth nationally and third in the Southeast for top job growth. With the creation of over 79,300 new jobs in the past 12 months, Georgia represents a strong 2.0 percent annual growth rate, which is higher than the nation’s average of 1.8 percent.
ATLANTA – The Georgia Department of Labor will host a special recruitment for job seekers who qualify for OJT, a federal on-the-job training program to help get unemployed workers back into the labor force. The recruitment will be held Friday, Oct. 10, from 10 a.m. to 1 p.m. at the Blue Ridge Career Center, 946 Appalachian Highway.
Business has picked up throughout the summer for local sporting goods store Pokey’s, located on King Street in Calhoun.
Gov. Nathan Deal spoke to members of the Northwest Georgia Regional Commission on Thursday, Sept. 18, to address the commission on ways the state has improved since he took governorship.
Gov. Nathan Deal today announced that Area Development magazine has ranked Georgia as the No. 1 place in the nation in which to do business. Area Development is a leading executive magazine covering corporate site selection and relocation.
There is something for everyone at 365 on Piedmont. Opening in May of 2013, 365 has become a popular home decor store in the downtown Calhoun area.