As the average price of jet fuel in the quarter rose 61 percent, US Airways Group Inc. and JetBlue Airways Corp. joined two smaller carriers in posting a third-quarter net deficit of $2.52 billion.

According to reports, there were losses at nine of the ten largest airlines. In fact, operating losses - excluding expenses for fuel-hedging contracts and one-time gains - totaled $870 million. Though comprehensive by all standards, the figures actually are narrower than the $1 billion estimate of Michael Derchin, FTN Midwest Research Securities analyst in New York.

Four carriers that released results on Thursday had respective loss statistics thus - US Airways’ loss was 865 million, JetBlue’s loss was $4 million, Alaska Air Group Inc.’s was $86.5 million, and AirTran Holdings Inc.’s was $107 million.

It is a scenario felt across the industry as the world’s oil and jet fuel market remain volatile. Northwest Airlines, UAL Corp., Continental, Southwest Airlines, Delta Air Lines, and AMR Corp., have all reported losses in the last two weeks.

Jon Ash, president of Washington-based consulting firm, InterVistas-GA2, contemplating the losses said: “Fuel was the big driver. Fares hadn’t caught up; capacity was not yet cut all of the way.”

However, falling oil prices and steep seat-capacity cuts are expected to benefit the industry next year, and US Airways expects 2009 a “much better” year for the company as well.

Expressing a similar opinion, J.P. Morgan analyst Jamie Baker said: “The great industry guide-up continues, with AirTran and JetBlue adding their voices to the chorus of airlines this season painting a brighter view of the fourth quarter and beyond.”