Real Tourism Spending. – Real spending on travel and tourism accelerated in the third quarter of 2016, increasing at an annual rate of 5.0 percent after increasing 4.5 percent (revised) in the second quarter according to new statistics released by the Bureau of Economic Analysis. By comparison, real gross domestic product (GDP) increased 3.2 percent in the third quarter after increasing 1.4 percent in the second.
Tourism Prices. – Prices for travel and tourism goods and services decreased in the third quarter of 2016, decreasing 0.5 percent following an increase of 1.4 percent (revised) in the second quarter. The downturn was mainly attributable to price declines for “traveler accommodations.” Prices for “food and beverage services” rose, but at a slower pace.
Tourism Employment. – Employment in the travel and tourism industries accelerated in the third quarter, increasing 1.8 percent after increasing 1.3 percent (revised) in the second quarter. “Food services and drinking places” was the most significant contributor to travel and tourism employment growth, adding 9,100 employees. “Transportation” added 6,200 employees.
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