Not at FedEx, but curious about this line of thinking. Of course pax could furlough again. Anybody could furlough. But, the reality is the industry is different than the one you watched throughout your career. Consolidation has led to far fewer carriers, leading them to be much more likely to be too big to fail. During COVID, they didn’t receive one bailout, but THREE rounds of bailout money. Nobody was furloughed despite plans to furlough. I don’t think the legacies furloughed much (if at all) during the 2008 crisis. So that would make the last round of real furloughs to be 20+ years ago after 9/11. Just heavy stagnation. Profits since 2014 have been unlike anything in the first 90 years of the pax airlines.

Yes, they are more sensitive to the economy and they can furlough, but the notion that furloughs will occur at any hiccup is an old line of thinking. They are more resilient and consolidation has led to a different paradigm.