Wednesday, November 1, 2017
The Commerce Department has reported that the U.S. economy has grown by nearly 3.1% in the third quarter of this year, the second consecutive strong quarter.
This fact had motivated several people to believe to be certain that the current strength in travel bookings would continue. The consumer spending on travel-related products including transportation services, accommodations, food services and recreation had risen at an annual rate of 2.9% in the third quarter as compared to a 0.2% increase in Q2 of 2017.
The increase was, in fact greater than overall consumer spending.
The travel-related consumer spending has surpassed consumer spending three out of the last five quarters.
The estimates are often revised by the Commerce Department as fresh data comes in. This is the first time in three years that the U.S. economy had been able to achieve two consecutive quarters of three percent growth. In its assessment the United States Travel Association mentioned that travel industry plays a crucial role in job creation and export growth.
This report of the accelerated travel activity in the United States would be glad news for those associated with the health of the economy of the country.
And this data is similar to the responses obtained from the travel industry, both in terms of sales and members as more consumers return to utilizing travel agents to book their travel.
