marking a fourth consecutive month of growth. Including American Express, BCD Travel, Carlson Wagonlit Travel, Egencia, HRG and Omega World Travel, the mega agencies' aggregate transaction increase, including refunds and exchanges, compared with
a 3.6 percent increase recorded by ARC for all agencies. Online agencies as a group continued to lag the rest, with aggregate January transactions down about 2 percent, the 11th consecutive month of shrinking volume. Excluding refunds and exchanges, the increase in mega agency transactions was 7.8 percent.