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IWS Documented News Service

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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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TRAVEL AND TOURISM SPENDING ACCELERATED IN THE FOURTH QUARTER OF 2013 [20 March 2014]

http://www.bea.gov/newsreleases/industry/tourism/2014/tour413.htm

or

http://www.bea.gov/newsreleases/industry/tourism/2014/pdf/tour413.pdf

[full-text, 7 pages]

or

http://www.bea.gov/newsreleases/industry/tourism/2014/xls/tour413.xls

[spreadsheet]

 

Real spending on travel and tourism accelerated in the fourth quarter of 2013, increasing at an annual rate of 4.2 percent after increasing 3.1 percent (revised) in the third quarter of 2013. In contrast, growth in real gross domestic product (GDP) decelerated, increasing 2.4 percent (second estimate) in the fourth quarter after increasing 4.1 percent in the third quarter. For the year, real spending on travel and tourism increased 3.6 percent in 2013 after increasing 2.8 percent in 2012. By comparison, real GDP increased 1.9 percent in 2013 after increasing 2.8 percent in 2012.

 

The leading contributors to the acceleration in the fourth quarter were “traveler accommodations,” and “food services and drinking places.” “Traveler accommodations” accelerated, increasing 14.5 percent in the fourth quarter after increasing 3.3 percent in the third quarter. “Food services and drinking places” also accelerated in the fourth quarter, increasing 7.7 percent after no change in the third quarter.

 

Overall growth in prices for travel and tourism goods and services decelerated in the fourth quarter of 2013, increasing 0.1 percent following a 3.9 percent (revised) increase in the third quarter. The deceleration in prices was driven by “traveler accommodations,” decreasing 8.0 percent in the fourth quarter after decreasing 3.0 percent in the third quarter. For the year, prices for travel and tourism goods and services increased 0.4 percent in 2013 after increasing 2.5 percent in 2012.

 

[Chart]

 

Employment in the travel and tourism industries accelerated, increasing 2.8 percent in the fourth quarter of 2013 after increasing 1.8 percent (revised) in the third quarter. By comparison, overall U.S. employment increased 1.8 percent in the fourth quarter after increasing 1.6 percent in the third quarter. For the year, employment in the travel and tourism industries increased 2.2 percent in 2013 after increasing 2.7 percent in 2012. By comparison, overall U.S. employment increased 1.7 percent in 2013 and in 2012.

 

AND MUCH MORE...including TABLES....

 

 

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