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UAL's July 2013 traffic report.

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RPM down (1.1%), ASM down (1.8%), load +.6%, PRASM +3.5 to 4.5%. Mainline continues to shrink more than RJ flying...

http://finance.yahoo.com/news/united...221400656.html

For comparison, DL has RPM up 1.7%, ASM up 2.7%, and PRASM up 3% (with a reported impact of -1% in PRASM for the yen) on load down (.8%)

So doing my adjustment for load (so as to look at just the price being paid, a rough yeild), DL was 4%+ .8% = 4.8%, and UAL was 4%(midpoint) - .6% or 3.4%. So in rough yeild delta on much harder comps than UAL still bested UAL by 1.4% in yeild growth (adjusting for the yen) while posting larger traffic and ASM while UAL is shrinking.

Not a good report for UAL to put out at this point in their merger. And no evidence that HVFers are returning to UAL (at least compared to DL).

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