Recovery in the pre-owned business jet market “remains on track,” but the pickup in the new aircraft market is still “elusive,” JPMorgan noted in its latest business jet monthly report, issued late last week. “Used inventories continued to move downward, consistent with their path over the past 10 months,” said Joseph Nadol III, the firm’s chief aerospace analyst. However, at 12 percent of the in-service fleet–down modestly from 12.3 percent in April–pre-owned business jet inventory remains above the 10-year average of 9 percent and is still higher than at any point during the 2001 to 2003 downturn. Pre-owned prices also fell again by 2.5 percent last month, “And while they are now at the lowest level since December 1997, we see further softness ahead given elevated inventory levels.” According to JPMorgan, “The abundance of used aircraft at low prices has been a major factor weighing on new jet demand, which has yet to see a real bounce…more inventory still needs to clear before demand for new aircraft can pick up.” Meanwhile, business jet flight operations climbed 19 percent year-over-year in April to 337,000, marking the fourth consecutive double-digit percent increase.