Despite the recent recession, the travel and leisure sector is expected to continue to rebound over the next few years. The October jobs report was better than expected and fresh developments in the battle against the coronavirus have fueled optimism about the economy’s ability to recover. The recent increase in hiring suggests that the economy is shrugging off the effects of the recession and could accelerate further in Q4 and beyond. But the future is still a little hazy.
U.S. vacationers are returning to the skies and roads following the withdrawal of Delta variant. The numbers suggest that demand for summer holidays is increasing, and travel companies are reporting strong sales gains. Hotel rooms are filling and new shows are being added. Business travel has been slow to return, but is expected to pick up again in the second half of the year. But there is a lingering threat of a rise in Covid 19 cases.
In the third quarter of 2018, job growth continued to be a major driver in the U.S. The leisure and travel industry contributed the largest share of job growth, with the travel supply chain needing to bring back capacity. Hotels and restaurant chains have also absorbed the effects of inflation. On the other hand, the rise in Lyft rides to and from the airport jumped by as much as 15% from the previous year.