Have just seen the IATA passenger numbers for November - they make pretty depressing reading and will fuel fears that the manufacturers will see a steep round of order cancellations in H1 '09.
Total international : -11.5% y-o-y
Within Far East : -19.1%
Within Europe : -17.4%
Within Mid East : +0.2%
Within North America : - 17.8%
Within South Pacific : - 5.6%
Interestingly it's not just premium traffic that's falling. IATA notes that economy travel is also slowing sharply and is now expecting negative numbers in all categories through to H2. Air France is said to be giving analysts guidance that its Q4 '08 numbers will fall towards a loss of E200m v a positive EBIT of E311m in the same period last year.