Are we talking job losses or layoffs?
I dont think we will see many layoffs but I do think there will be some further reduction in jobs, that will be done through attrition. There will still be airlines hiring, they just might not be hiring as fast as the numbers are going down through attrition.
Delta/NWA merged without layoffs and it looks like CAL. UAL may do the same. Airlines Lie?
For AA, I agree that they're near rock bottom as far as the cuts go. Call center volumes fall each year as people go online or use things like the new iPhone app. That's already taken a toll on Res, and it wouldn't surprise me to see the various call center operations shrink a little more.
Likewise at the ATO and gates. Staffing is bare minimum in some places, not so much in others. Then there's stuff like the SJC rent increase -- AA's closing the Admirals Club there and also reducing some flights. Apparently some airports think they can raise rents and airlines will just suck it up. Not always so.
DL/NW merged without layoffs on the front line, but they did put 1500 people out of work, half of them in MSP. I think they're also riding a wave which will eventually hit land.
UA/CO says no layoffs, but they're definitely lying. Maybe not immediately, but when you've got about 3000 people in HDQ doing the same jobs between CHI and HOU, and duplicate res offices, flight training facilities, etc., something has to give. There are also constructive layoffs/retirements that I suspect they're hoping will occur, i.e. telling the dispatcher who is two years from retirement, house paid for, and all his family around Houston that he now has to relocate to Chicago, and the only thing the company will pay for is a couple weeks in a motel and the movers.