Tuesday, a travel group said that travel spending is expected to fall by more than $500-B in Y 2020 and is not expected to recover to pre-COVID marks until Y 2024.
The U.S. Travel Association projects spending in 2019 will be $617 billion, down from its July forecast of $622 billion, compared with $1.13 trillion in 2019.
The decline reflects the dramatic falloff in business travel. The group said the industry has lost nearly 40%, or 3.5-M, of all direct travel jobs and warned another 1-M jobs could be lost without additional government relief by year-end.
The group forecasts a 75% reduction in international visitors to the United States in Y 2020, accounting for a $119-B decline in spending.
The United States currently bars most non-US citizens who have recently been in Europe, China, Brazil and some Asian countries.
The US Transportation Department said last wk the country’s airlines carried 65% fewer passengers in September Vs the same month last year, the smallest decrease since March. Airlines say travel demand in November is down 65%.
The US cruise industry has agreed to suspend cruises through 31 December and many major tourist attractions like Disneyland in California and Broadway in New York remain closed, some others are open in a limited capacity.
Tuesday, the benchmark US stock market indexes paused to refresh finishing at: DJIA -167.09 to 29783.29, NAS Comp -24.79 to 11899.26, S&P 500 -17.38 at 3609.67
Volume: Trade on the NYSE came in at 956-M/shares exchanges
HeffX-LTN’s overall technical outlook for the major US stock market indexes is Bullish with a Very Bullish bias.
- NAS Comp +32.6% YTD
- S&P 500 +11.7% YTD
- Russell 2000 +7.4% YTD
- DJIA +4.4% YTD
Looking Ahead: Investors will receive Housing Starts and Building Permits for October and the weekly MBA Mortgage Applications Index Wednesday.
Have a healthy day, Keep the Faith!