Sixth consecutive quarter of growth in travel and tourism-related employment
The U.S. Department of Commerce recently announced that total U.S. travel and tourism-related employment increased at an annual rate of 1.4 percent in the third quarter of 2011, following an increase of 2.4 percent (revised) in the second quarter. By comparison, total U.S. nonfarm employment increased 0.9 percent during the third quarter of this year.
Tourism Spending. Real spending on passenger air transportation turned down 3.3 percent in the third quarter of 2011 after increasing 5.0 percent in the second quarter. Airlines cut capacity (reducing available flights) and increased prices to help offset rising fuel costs. Real spending on traveler accommodations decreased 0.5 percent in the third quarter after decreasing 0.4 percent in the second quarter.
Tourism Prices. Prices for passenger air transportation continued to grow, increasing 3.2 percent in the third quarter after increasing 7.6 percent in the second quarter. Airlines increased fares, especially on international routes, in the third quarter to help offset the increased costs of fuel. Prices for traveler accommodations also grew, increasing 11.9 percent in the third quarter of 2011 after increasing 16.7 percent in the second quarter.
Tourism Employment. Direct employment in the travel and tourism industries increased 1.5 percent in the third quarter of 2011. All industries saw increases in employment with traveler accommodations experiencing the largest growth at 3.4 percent.
The Bureau of Economic Analysis, through funding provided by the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce, produces the U.S Travel and Tourism Satellite Accounts (TTSAs) from which these estimates were derived.
Travel and Tourism Satellite Accounts form an indispensable statistical instrument that allows the United States to measure the relative size and importance of the travel and tourism industry, along with its contribution to gross domestic product (GDP).
Approved by the United Nations in March 2002 and endorsed by the U.N. Statistical Commission, TTSAs have become the international standard by which travel and tourism is measured. In fact, more than fifty countries around the world have embraced travel and tourism satellite accounting as the only comprehensive, comparable, and credible measure of travel and tourism and its impact on national economies.
