They said 2012 would be a year of slower growth.

The company said it expected slower growth in the second half of the year.

But with slower growth, interest rates would be likely to fall.

"If the pilots want higher pay, they are going to get slower growth."

They also said the company's results reflected slower growth in the overall economy.

The rise in interest rates means slower economic growth and even lower company earnings.

For some economists, the data pointed to even slower growth in the months ahead.

"The fact that the country is faced with slower growth will almost certainly produce lower interest rates," he said.

The council's report predicted continued but slower growth for this year, with an expected 53,000 new jobs to be created.

That theme should be even more relevant in a market with slower growth.