By summer we should know a lot more. Resignations have increased from the email in November through January, but it’s not really enough of a data set for a definitive conclusion.

Either A.) we’ve had a glut of pilots leave, but those who wanted to leave left and those who want to stay stayed. We absorb this, hiring continues and upgrades resume.

Or B.) The trend continues or increases. Planes get parked, captains are downgraded, growth comes to a screeching halt. Basically all the worst parts of the Bible.