Checking into recovery

摘要

Just seeing the April 15 Associated Press headline, "Fed survey finds faint signs of hope," I admit that I felt a tickle of a faint sign of hope. A report by Deloitte Touche Tohmatsu (DTT) that I saw the same day called "Holding pattern: Outlook for the global commercial and business aircraft industry" made my hope even less faint. Three particulars are cited in the report for the current state of the industry. First, even in 2008 when the cost of crude oil dropped per barrel, fuel accounted for 32% of operating expenses. Second, the global recession prompted a dramatic drop in load factors, which forced airlines to take aircraft out of service and rethink plans to order replacements for existing planes. Third, the credit crunch made it difficult for airlines to find financing resulting in deferrals, delays, and inability to take delivery of new aircraft.