American Airlines sees a bit more financial turbulence in the months ahead. The carrier told investors today it expects to be in the red this quarter, blaming higher labor costs and lower than expected leisure travel.

While vacationers may be shying away from some cross-country flights, businesses are apparently still willing to let their employees travel. Delta and United have predicted stronger corporate business in the months ahead, and corporate travel spending overall rose 15% year over year, according to data from the corporate travel company Navan.

Executives overseeing supply chains for American companies that manufacture heavily in China may want to brace for a flood of emails.

Anyway, now may be a good time to book a flight to India, Mexico or Vietnam to explore manufacturing options in countries that are potentially less affected by tariffs.

“So we are seeing accelerated growth more on the international side versus the domestic side, for example, international hotel spends grew 17% year over year,” said Amy Butte, CFO at Navan. “It could be for example that companies are looking for new places for manufacturing.”

Butte’s data suggests while companies may be happy to send one employee abroad to scout a new factory site, they’re less inclined to fund the “let’s get everybody together to do some trust falls” retreats that were popular in the early days of remote work.

“We’re seeing a greater increase in personal meals than we’re are necessarily seeing in team events and meals,” said Butte.

While business airline travel does appear to be relatively healthy this year, it’s still not at pre-COVID levels.

Airline industry analyst Henry Harteveldt at Atmosphere Research Group said that if the economy starts weakening and “If sales aren’t materializing, if there’s concerns about recession, if there is trade uncertainty, business travel is one of the first areas everybody goes to in an organization to cut the spending, to save money, and it's one of the last to be restored.”

He said that while business travel still accounts for 30 to 45% of a given airline’s profits, carriers are increasingly reliant on so-called premium leisure travelers, those willing to spend for extra legroom or an airport lounge pass.

It’s not clear those would make it onto the corporate card anyway.