I'm a hopeful on the outside looking in, and I've been talking to numerous friends on the inside at different airlines about the airline life, pay, unions, a whole host of topics to get a feel for the career.

One of the questions I ask everyone is: "What is the largest threat you see to the industry?"

It's a vague question because each airline, and for that matter each pilot, could perceive different threats based on where they are in seniority, the financial health of the employer, exposure to specific market segments, etc.

Universally, the top response to the question is:

1) Another terror attack
2) Oil (fuel) prices
3) The economy
4)...

I think numbers 1 and 2 above are applicable to every airline, with oil prices having a different effect based on hedging strategy, fleet efficiency, and a few other factors.

The economy is a different player as there really isn't a good definition of how "the economy" affects airlines directly, since there really isn't a good definition of what "the economy" really is. The stock market isn't a direct indicator of the health of an economy, but it is a good indicator of how people direct their money.

As it applies to an airline, jobs are a significant indicator of the health of the economy. Employed people have money coming in, unemployed people don't (generally). Jobs growth, and secondarily wage growth is a positive thing for an airline, all other factors being the same.

From my perspective, the current pullback in the stock market is indicative of the health of the stock market, not necessarily reflective of the true health of the economy.

As a Southwest pilot, what do you see as the biggest threat to Southwest airlines, aside from the global influences mentioned above (terror attacks, etc.)?