GENEVA — Global passenger traffic results for November 2013 showed a moderation in the pace of recent demand growth, said IATA.

Total revenue passenger kilometres (RPKs) rose 4.1% compared to November 2012. This was slower than the 6.5% year-over-year growth recorded in October.

In November capacity expanded by 6.1% which out-paced demand growth. This led to a 1.4 percentage point slip in the load factor to 76.3%.

Demand drivers such as consumer and business confidence, however, continue to improve. This suggests that growth may accelerate in the coming months.

“Demand growth hit a speed bump in November. But with continued modest improvements in economic conditions the outlook remains positive,” said Tony Tyler, IATA’s Director General and CEO.

November 2013 international passenger demand was up 4.8% compared to the year-ago period. Capacity rose 6.3% versus November 2012 and load factor dipped 1.0 percentage points to 75.5%. All regions except Africa recorded year-over-year increases in demand. However, compared to October, all regions reported slower demand growth for November.

North American airlines saw demand rise 1.7% over the 2012 period. This was a slowdown on October growth, which was 3.6%. Capacity rose 4.7%, causing load factor to fall 2.2 percentage points to 77.5%. Recent economic indicators have shown a solid fourth quarter, despite the disruption of the U.S. government shutdown in October.