It has been a week which has sent apparently contradictory messages about the state of the business travel industry.
No fewer than six US carriers posted second quarter net losses - in one case a deficit of $2.7bn. The International Air Transport Association (IATA), in its second quarter Airline Business Confidence Index, reported a “steep decline” in confidence.
But two leading players in Europe, one a TMC, the other a trade association, presented a far more upbeat view of the industry.
So who is right? Or are the two opposed views reconcilable?
The first obvious difference is geographical. Airlines in America have been hit far more than the economic down turn, the rocketing cost of fuel and the fall in demand than their European counterparts.
The losses which American Airlines Delta Air Lines United Airlines, Continentals Airlines, US Airways and JetBlue Airway reported this week follow substantial cuts in capacity, grounding of aircraft, reduced routes and frequencies and job losses that most of them have announced in the past six months.
This has not happened in Europe yet. Although several of the smaller national carriers are experiencing hard times, none of the big three, despite experiencing similar rises in oil prices and a drop in demand, has yet made cuts on anything like the scale of the American airlines.
A clearer picture of how the Europeans are faring is likely to emerge on August 1 when BA presents its first quarter results and possibly also gives details of the cuts in frequencies announced last week.
This may or may not indicate whether European carriers are heading for the retrenchment which industry analysts predict for the autumn.
But how does this square with the interim statement from Hogg Robinson Group (HRG) covering April 1 to July 21 which said there was "little evidence" in the first quarter of its financial year to the suggest business travel was reducing significantly.
It added: "Route patterns for business travellers are changing with cheaper alternatives being sought, but so far our clients are still travelling."
This is straightforward and what you would expect in tougher times: corporates are continuing to travel but looking for less expensive ways. But there is no indication of a cut in travel.
It is the report of the trade association, the UK and Ireland Institute of Travel Management (ITM) which gives an indication that things might not be that clear.
Its survey of 175 travel managers and procurement professionals says that 80% are not considering a travel freeze. This means that 20% are, which is a high number. Even if just half of the 20% went ahead, it would have a substantial impact on the level of UK business travel.
There were also firm indications that the 175 buyers, who have a combined spend of £1.3bn, were actively looking to cut travel spend.
80% are looking to stop something called "non-essential" travel which prompted Paul Tilstone, ITM's executive director, to remark: "One might ask why executives undertake travel which is not essential at other times." It will also probably raise a few CFOs' eyebrows as well.
75% are making more use of video conferencing while 65% are choosing more local venues for company meetings. This last decision could mean that the destination for the local meetings is nearer than before and more easily reached by rail or car than by air.
What we don't know from the ITM survey is who these companies are. Are they national, European-wide or global? The ones which are owned by Americans or haven major stakes there? Nor do we know in which sector of industry do they work, like services or manufacturing. More crucially, we do not know which companies are taking which view or which action. For example are the manufacturing companies the ones which are considering a travel freeze or is it those in service industries?
What does seem to be emerging is that there are many companies which are at the very least beginning to tighten the hatches while a substantial minority of the others are preparing to shut them down altogether.
This is not such a rosy picture.
There is a second point to emerge for the ITM survey, ably made by Mr Colin Goldney of Argate Consulting, ITM's research partner.
"When the economy picks up," he said, "Changes in behaviour due to increased exposure to video conferencing could result in executives travelling far less than before."
"The answer to the question of whether this is really likely to happen or not is the same as the answer to whether we are moving into recession."
The answer to that may not yet be fully known but the changes in travel seem to be arriving already.
Recession or not, travel might just be different when the economy starts to pick up again.