Sorry I'm late on this thread.

Seats occupied doesn't mean as much as average yield.

Hedging has backed up on most carriers, as fuel unexpectedly fell in price. Simply stated, the hedges were in the wrong direction.

As for business trends, no one is immune from the financial disaster we have incurred. A cursory peek at a cross section of typical flights over the next few months shows a very high percentage of open seats, even for this relatively slow time of year. West coast routes fare better. There is business to be done, and it isn't practical to drive to LA or SF from the northwest for a 2 day visit. The carriers are hanging tough, but it won't do them any good. By late Spring, elites will think it's 1980 in the upgrade world, as the realization in the executive suites of these airlines sinks in, that this one isn't over in 2 or 3 quarters.