United Airlines' revenue dropped 87% in second quarter

United Airlines lost $1.6 billion in the second quarter of 2020. This is in sharp contrast to its profit of $1 billion during the second quarter of 2019. According to the New York Times United "lost an average of $40 million a day in April, May, and June." It plans to reduce that to $25 million dollars per day during the third quarter. At that rate Jeff Bezos but be able to keep United running for 20 years.

From The New York Times:

Air travel reached new lows in the second quarter, with the number of people flying falling as much as 96 percent on some days in April compared to last year. Traffic had started to recover in May and June, but stalled this month as coronavirus infections spread around the country and states imposed new travel restrictions. On Monday, the number of people screened at airport checkpoints was down 74 percent compared to last year.

As a result, United and other airlines have had to scale back schedules for August. The airline now expects to fly about 35 percent as many flights next month as it did last August and says the rest of the year will probably be much the same.

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In an ominous sign for economy, 32% of US fell short on July housing payments

One third of US households failed to make a housing payment in the month of July, according to a survey by online rental platform Apartment List.

From CNBC:

About 19% of Americans made no housing payment at all during the first week of the month, and 13% paid only a portion of their rent or mortgage.

That’s the fourth month in a row that a “historically high” number of households were unable to pay their housing bill on time and in full, up from 30% in June and 31% in May. Renters, low-income and younger households were most likely to miss their payments, Apartment List found.

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