Business jet cycles in June were flat in the U.S. and 11 percent higher in Europe, according to the latest Business Jet Activity Tracker from Barclays Equity Research. It estimates that combined U.S. European and U.S. business jet cycles rose 2 percent year-over-year in June and were 4 percent higher on a rolling 12-month basis.

Overall, the firm’s U.S. aerospace and defense analyst, David Strauss, is upbeat on the business jet segment, saying, “After nearly a decade at trough levels, key business jet market indicators now all signal improvement, including much lower used inventory levels along with stable used pricing, increasing flight activity, and higher corporate capital expenditures.”

On a rolling 12-month basis, U.S. flights increased 3 percent, though cycles on a seasonally adjusted basis were down 2 percent in June. “While seasonally adjusted cycles are about 40 percent higher from the bottom in 2009 and roughly in line with pre-crisis levels, we estimate average daily utilization remains low due to continued fleet growth,” Strauss said. Meanwhile, European business jet activity climbed 7 percent on a rolling 12-month basis, but overall cycles are still 20 percent below pre-crisis levels, the report notes.

By aircraft category, Barclays said midsize and large-cabin jet cycles have “fully recovered” to pre-financial-crisis levels, but added that light jet activity still remains 18 percent below the peak.