Premium air traffic in May in North America declined 3 percent year over year, the largest drop of any region,

according to the International Air Transport Association. Premium traffic on North Atlantic routes experienced the second-largest decline, down 2.1 percent. "Over recent months, indicators have started to suggest that drivers of business and other air travel are weakening," IATA wrote in a report issued Wednesday. "While business confidence still indicates modest growth, levels have been flat since early 2013. Moreover, export orders have declined, signaling slow growth in world trade. Air travel growth is unlikely to accelerate in the near term." Premium traffic on routes between Europe and the Far East fell 0.4 percent year over year, and declined 0.3 percent on intra-Europe routes. Globally, however, the number of passengers flying in premium seats in May rose 2 percent year over year, driven by double-digit percentage growth on some routes to and from Africa and the Middle East, and between North and South America.