International airlines saw demand strengthen in Jul-2011 despite "gloomy" leading economic indicators, IATA said on 19-Sep-2011, ahead of its industry earnings outlook release. IATA said forward-looking indicators for business travel looked "gloomy," and suggested that a “significant slowdown” could be witnessed in 4Q2011. The airline industry lost the equivalent of two years of growth during the last financial crisis, based on historical trends, and while leisure traffic has returned, the level of more profitable premium business remains below the pre-recession peak.