The International Air Transport Association said growth in global, premium air traffic in January slowed to "just 0.4 percent

" year-over-year. "The bursting of the credit bubble and associated fall in M&A activity, and more recently the sharp slowdown in the U.S. economy, have brought growth in business travel almost to a halt," according to IATA. "The short-haul business markets have been hit more than long-haul, but even on the major markets across the Atlantic and Pacific, business travel has now slowed below economy ticket growth."