TSA Number Hits Pandemic High as Airline Shares Surge

There has been a surge with Airline shares on Monday as data revealed a high volume of air travels compared to the last few months.

For a second consecutive week, the number of people going through the Transportation Security Administration rose with 831,739 people for only just Sunday. This is the highest level since March 17.

The traffic at the Transportation Security Administration is still down by over 70%, despite the rise in number. This would mean that airlines still have a long way to go before recovering to their normal levels, especially in the crucial summertime.

For the different airlines, there were lots of shifts, Delta Airlines closed nearly 8% higher at $29.34, for United Airlines, its shares added more than 9% to $37.54, American Airlines ended the day at $14, which is more than 7% higher, while Southwest Airlines rose more than 5% to $34.99. The S&P 500 rose 0.3%.

As Airlines' financial losses are on the increase, executives have given a warning that over 70,000 people employees are at risk, as they could lose their jobs when in October, the federal aid which prohibits job cuts expires.

Airline executives, as well as labor unions, have been seeking the assistance of $25 billion. This would be to enable them to preserve jobs till March 2021. The proposal in recent weeks has gained bipartisan political support.

Lawmakers were not able to strike a deal for a new package last week, and this restricted the chances of the sector relief being included in the coronavirus aid package.

Over the weekend, President Donald Trump through the executive orders offered coronavirus aid but CNBC revealed that Steven Mnuchin who is the treasury secretary said that the administration is ready to resume negotiations with the lawmakers.

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