This week we're looking at some aviation data. A helpful source of data is the
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The Economist: Pilot shortages will buffet America’s airlines
The number of airline pilots in America peaked at 84,520 in 2019, according to the Bureau of Labour Statistics (BLS). But at the onset of the covid-19 pandemic, many of them took early retirement or voluntary redundancy. The number of pilots employed has dropped by 4% since that pre-pandemic peak.
American Airlines has said that one-third of its 15,000 pilots will retire within the next seven years (pilots are obliged to do so at the age of 65). Largely because of these departures, the BLS expects that America will need 14,500 new pilots every year over the next decade, but America produces only between 5,000 and 7,000 pilots annually. Data from the Federal Aviation Administration, the industry’s national regulator, show that half of all pilots licensed to fly for airlines are within 15 years of retirement age.
Yet, the "pilot shortage" has not resulted in higher pay for the pilots of the top 4 airlines.
A look at the wages of United Airlines pilots shows that their purchasing power has eroded by 12.45% since January 2019 (UPA is the United Pilot Agreement, a pilot CBA).
Finally, here is a dynamic look at average total pilot wages and benefits since 1995.
At first glance the pilot compensation may seem high compared to other professions.
The fact is that on widebody jets (B777, B787), pilots make about 75% of 1978 wages, adjusted for inflation. The US airline industry was deregulated in 1978.
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