American Express global corporate travel sales in the March quarter dropped 4 percent, the fifth consecutive quarter of year-over-year declining volume.

At $4.65 billion, the figure was down by about 14 percent from the peak first quarter of 2008. The 4 percent reduction compared to Amex's 2 percent first-quarter increase in consumer travel sales. Amex's Global Commercial Services unit, which includes corporate travel and commercial cards, reported 4 percent growth in billed business, the smallest increase among all Amex segments. "Across the board we've seen lower spending in T&E categories, and we are seeing better strength outside of the T&E category," according to CFO Dan Henry, speaking to analysts during a Wednesday conference call. Overall, net income for American Express in the first quarter improved by 2 percent to $1.3 billion on total revenues net of interest expense that rose 4 percent to $7.9 billion. Total spending by card holders was up 6 percent (7 percent adjusted for foreign currency exchanges), with average spending by card holders in the United States up 5 percent.