They used to say that the airline industry leads the downturn and lags the recovery. Not any more, at least not when it comes to the recovery part. While the economic outlook in key regions of the world is downright scary, airlines have put the losses of 2008-09 behind them. For evidence, just look at what is happening in the US: Against a backdrop of persistently high unemployment, tight consumer pocketbooks and a home mortgage crisis that refuses to go away, US carriers were expected ...

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