Global airline traffic in July grew 3.4 percent year over year,

slowing from the 6.3 percent growth rate in June and 6.5 percent for the first half of the year, according to the International Air Transport Association. "This slowdown in travel growth is being driven largely by the recent fall in business confidence in many economies," according to IATA. North American airlines saw July international traffic decline 2 percent year over year, which IATA attributed to capacity cuts on the North Atlantic. U.S. domestic traffic fell 0.4 percent year over year on 2 percent more capacity.