If the majors are cautious in their expansion plans, i wouldn't expect much anytime soon. Part of the reason they're said to be making money, is the lower fuel costs being offset by the flight reductions and personnel cuts throughout the system. When you add all the factors together, they'll be turning profits for 09, if things stay the way they are. With the world economy going down, it'll further the pain, but hopefully, will recover before to long.

Would seem odd though that they're expecting a lot of hiring to resume at the regional airlines causing a pilot shortage. If the majors do begin hiring, a couple will still be calling back furlough's for a while (american and united), before the hiring can really resume. No one knows how the DAL/NWA merger will effect hiring at the new DAL yet, so that will be a wait and see also. Then, the regional airlines who'll be getting these brand spanking new airplanes, will be recalling their furloughed pilots as well, and will most likely be getting their fleets back up to pre-furlough capacity before they start on some rapid expansions.

All in all, besides the guys who are hiring now, might be a little longer before the rest of the regional industry starts running around like crazy looking for pilots.

I'd also like to see the feasibility of larger aircraft (MD-80's, 717's, and 737's) come full circle. It'd be much better for the ATP grads to need no expansion at the regional level to support their career advancement, and simply attrition from the regional airlines as pilots are able to move up to mainline, because of the expansion of of short haul, (full overhead bin) type of service.