Bring on the clichés – out of the woods, the light at the end of the tunnel, the dark cloud's silver lining. Whatever it is, the airlines may be starting to see it as passengers seem to be slowly coming back. Is it a sign of recovery or just wishful thinking?

It typically starts with freight. The goods that need to get from one part of the world to the other are indicators of economies on the move. For the last six months, freight traffic dropped an average 22.4 percent. The most recent figures show a decline of only 13.4 percent. Why is this significant? According to the International Air Transport Association (IATA), freight traffic is the leading indicator of overall commercial airline health. The first signs of any recovery are typically seen with cargo traffic. Those of you who have ever felt like freight while flying may now know why. All joking aside, any positive sign is welcome news for an industry battered by wave after wave of economic challenges. Airlines around the world are now seeing small signs that the turmoil may be subsiding.

WestJet Airlines of Canada posted a smaller decline in quarterly earnings than in previous reporting periods and the airline sees signs that the business flyer is starting to return. Continental Airlines witnessed a slight uptick in passenger numbers for October for its mainline (non-commuter/code-share) operation and airports. Reuters reports that in Europe, Air France-KLM said passenger traffic fell 2.9 percent in August, but its planes were on average 84.8 percent full, a rise of 1.1 percentage points from the same holiday peak month a year ago. This means that the yield, the amount the airline makes on each passenger, is going up. The same report mentions that ACI Europe surveyed 106 airports and found that passenger traffic at European airports in July fell 4.3 percent compared with July 2008. The preceding six months saw an average decline of 9.6-percent. Even aircraft manufacturer Airbus foresees slight growth in 2010, but engine maker Rolls Royce states that global economic activity remains depressed, despite some signs of recovery. And what about the "F" word in aviation, fuel? Any fragile recovery could quickly collapse if fuel prices spike the way they did in 2008. Despite the lower price of oil compared to last year, fuel prices have risen 38 percent since March. The airlines may be keeping the champagne bottles chilled, but don't expect the sound of popping corks anytime soon.

Have you noticed any signs of improvement? Do you think your flights are full due to airline capacity cuts or do more people seem to be flying? What would you attribute the passenger increases to – an improving economy, lower fares, or something else?