The first-quarter earnings report from American Airlines could serve as a snapshot of the larger economy, according to an analysis in TheStreet.com. "We're not seeing further deterioration [in future bookings] and I think that's good news," CEO Gerard Arpey told analysts on a Wednesday conference call, while CFO Tim Horton noted a "close-in traffic build" that boosted revenue. The earnings call mirrors a "widespread belief that the economy has hit bottom and now awaits an upturn that, at the moment, is not imminent," writes airlines journalist Ted Reed.

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