The International Air Transport Association said slower January global passenger traffic growth "makes it clear that the U.S. credit crunch is negatively impacting air travel

." January traffic grew 4.3 percent year-over-year, down from the 7.4 percent recorded for full-year 2007. European airlines reported just 0.3 percent more passenger traffic while the domestic U.S. market "contracted by 3 percent to 4 percent." The "sharp shift in demand growth patterns," IATA said, "could be at a turning point."