Airline tickets used by corporate travelers increased 4 percent year over year in September and are tracking to a 3 percent increase this month and a 4 percent increase in November,

according to UBS analysts. "Current bookings data do not support the obvious pessimism in the market," according to a research note they issued today. "Of course the market is forward-looking and fear of an imminent corporate travel collapse is high." Noting that the average corporate fare increased 9 percent year over year in September and is trending to a 9 percent October increase and an 8 percent November increase, UBS concluded that "corporate travel revenue is back to 2008 levels but not back to 2007 heights." However, the analysts wrote that they "expect airline revenue trends to decelerate. This outcome appears increasingly self-fulfilling as economic concern begets spending constraint begets additional economic concern. However, as it stands Q4 revenue is running ahead of our estimates."