Travel Industry leads economy in job growth
David Huether, senior vice president of economics and research at the U.S. Travel Association, provides analysis on Labor Department report that the unemployment rate was 7.9 percent for October 2012. “Today’s jobs numbers are more good news for the travel industry. At 7.6 million jobs in October, the travel industry has created 296,000 jobs since December 2009 – adding jobs in 29 of the past 34 months. This data shows the travel industry has recovered 59 percent of the jobs lost during the Great Recession. By comparison, the rest of the economy has recouped just 51 percent of the jobs lost. Additionally, the travel industry has created jobs at 16 percent faster pace than the rest of the economy since the overall employment recovery began in March of 2010.
“The October Labor Department report shows that the economy added 171,000 jobs last month, including six thousand more travel jobs, while the unemployment rate essentially remained unchanged at 7.9 percent last month. Taken together, today’s report shows that the labor market appears to be building positive momentum after modest growth earlier in the year. Over the past four months, the number of jobs added has been double that of the prior four months.
“Additionally, the fact that employment gains in August and September were upwardly revised by 84,000, including 9,000 more travel jobs, is welcome news.
“The travel industry is twice as export intensive as the rest of the economy and supports millions of middle class jobs that cannot be outsourced. These unique qualities have made the travel industry a top performer in the current recovery. To build on this success, Congress should enact pending legislation such as the JOLT act, which will encourage more international visitors to travel to the United States and create more American jobs.”