I already told you that share prices of airlines can drop as much as you want, it doesn't affect traffic figures and pilots/aircraft needed.
If less people are willing to invest into airlines, I can understand them, there are way more interesting and lucrative markets out there.
If less people want to invest, it doesn't mean that less people are going to fly.
I can already hear you scream to your wife:
"Oh my god darling, the share prices of BA have dropped 2% today, I'll have to cancel my next week's flight
"
Now remember what I'm teaching you right now, I ain't gonna say it twice:
THE REAL INDICATOR OF PILOT JOBS ARE TRAFFIC FIGURES NOT AN AIRLINE'S SHARES' RISE & FALL.
The U.S. is hit by a bad blast, but it's their own fault.
The UK will also struggle out of compassion.
Mainland Europe is doing well just look at the traffic figures of February:
http://files.aea.be/News/PR/Pr08-012.pdf
The Association of European Airlines has released traffic and capacity data for its members in February 2008.
Overall, traffic, measured in passenger-km, increased by 6.0% and capacity (seat-km) by 8.6%
Note: If you analyse the end of the table, you see that the only figure that show a decrease are load factor figures. A capacity increase of 8.6% means that that many more pilots are needed.
Alitalia is doing bad but it has nothing to do with the US recession, just in case WWW would try to mention it.