This is a exchange as a Goldman Sachs where we discuss developments currently shaping markets, in the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

Today we're talking about the outlook for the airline industry, which has been under the gun,

with Katie O'Brien of Goldman Sachs research.

We had Katie on the podcast in January of 2020,

which feels like a different lifetime.

And at that point, we never could have predicted everything

that's happened over the course of the past year that has

transformed the airline industry and the world in general.

So Katie, welcome back to the program.

Thanks for having me, Jake.

Hopefully when we have you back next, the world will look a little more sane but clearly airlines have been one of the hardest hit sectors from COVID-19.

Give us some context for how demand has fallen over the past year.

Yeah, sure.

So COVID has had the largest impact on air travel

we have on record across the different data sets

that we look at.

So turning back to last year, demand essentially fell up a cliff as COVID cases started to rise in the US with passengers going from down 30% year every year in mid March to the mid-90% range by the beginning of April.

The bottom then lasted through the end of May with the month of June, while a little better,

was still down 80%.

And just for some context Jake,

in the months following September 11th,

...