Archive for the 'Travel and Tourism' Category



Travel and Tourism Spending Accelerated in 4th Quarter 2012

Real Tourism Spending.  Real spending on “traveler accommodations” accelerated, increasing 9.4 percent in the fourth quarter of 2012 after increasing 5.3 percent in the third quarter.  Real spending on “food services and drinking places” also accelerated, increasing 8.6 percent in the fourth quarter after increasing 0.6 percent in the third quarter.

Quarterly Growth in Real Tourism Spending

Quarterly Growth in Real Tourism Spending

Tourism Prices.  Prices for “passenger air transportation” turned up, increasing 0.8 percent in the fourth quarter after decreasing 11.5 percent in the third quarter.  Prices for “traveler accommodations” decreased 0.5 percent in the fourth quarter after decreasing 8.2 percent in the third quarter.

Quarterly Growth in Tourism Prices

Quarterly Growth in Tourism Prices

 

Tourism Employment.  Employment in the travel and tourism industries decelerated in the fourth quarter, increasing 0.4 percent after increasing 1.3 percent in the third quarter.  The deceleration was more than accounted for by a downturn in “food services and drinking places.

Quarterly Growth in Tourism Employment

Quarterly Growth in Tourism Employment

 

You can learn more about travel and tourism spending here.

Highlights of the Travel and Tourism Satellite Accounts for Third Quarter 2012

ttsa_1217_1Real spending on travel and tourism slowed in the third quarter of 2012, increasing at an annual rate of 0.6 percent after increasing 2.2 percent in the second quarter. The primary contributor to the slowdown was a downturn in all other transportation-related commodities, which includes motor vehicle fuel, travel arrangement and reservations services, and automotive renting and leasing.

Overall price growth in travel and tourism goods and ttsa_1217_2services turned down, decreasing 0.9 percent in the third quarter of 2012 following a 1.1 percent increase in the second quarter. The third quarter decrease reflected downturns in passenger air transportation prices for both domestic and international flights and in traveler accommodations prices.

Employment in the travel and tourism industries increased 1.3 percent in the third quarter of 2012 after increasing 1.1 percent in the second quarter. The increase reflected an upturn in recreation and ttsa1217_3entertainment and an acceleration in food services and drinking places.

To learn more about travel and tourism spending read the full report.

Travel and Tourism Spending Increases

Inflation-adjusted spending on travel and tourism increased at an annual rate of 2.1 percent in the second quarter of the year, the Bureau of Economic Analysis reports. This was slower than the 4.9 percent growth rate in the first quarter. Still, travel and tourism spending outpaced growth in the total U.S. economy. U.S. gross domestic product rose at a 1.7 percent pace in the second quarter after a 2.0 percent growth rate in the first quarter.

The second-quarter increase was largely driven by an 8.7 percent annualized rise in real tourism spending on transportation-related items. That followed a 3.5 percent growth rate in the first quarter.

Meanwhile, spending on passenger air fares dropped at a rate of 3.6 percent in the second quarter after increasing at a 9.8 percent pace in the first quarter. Inflation-adjusted spending on lodging grew at a rate of 3.8 percent in the second quarter, slower than the first quarter’s 5.9 percent pace.

Overall, growth in prices for travel and tourism goods and services slowed. Prices increased at a rate of 0.9 percent in the second quarter after rising at a pace of 6.2 percent in the first 3 months of the year. The slowdown mainly reflected a decline in gasoline prices, which also lowered prices for transportation-related commodities. Prices for passenger air fares also decelerated, reflecting a decline in fuel costs. In contrast, prices for lodging accelerated.

Total employment in the travel and tourism industries increased at a 1 percent annualized rate in the second quarter to more than 7.6 million jobs. That followed a 2.6 percent growth rate in the first quarter. By comparison, overall U.S. employment increased 1.0 in the second quarter after increasing 2.1 percent in the first quarter.

Hotel and restaurant workers showed the biggest upturn, growing at a 2.1 percent pace in the second quarter after a 0.3 percent growth rate in the first quarter. Employment in recreation and entertainment fell at a 3.2 percent pace in the second quarter, in contrast to a 4.3 percent growth rate in the prior period . 

To learn more about travel and tourism spending read the full report.