Massive Q2 Economic Contraction Chills Industry
The U.S. Travel Association reacted yesterday to the news of the US GDP’s record plunge with the association’s executive vice-president for public affairs and policy, Tori Emerson Barnes observing:
“This morning’s news (July 30) of a 32.9% Q2 contraction is evidence that this economy is not going to be able to make it up off the mat without bold action by Congress to provide significant and meaningful relief.”
Emerson Barnes continued: “The travel industry, which helped employ one in 10 Americans last year, has been hit hardest by the economic fallout of the pandemic — having lost half its jobs already and on track for a drop of more than a half-trillion dollars in traveller spending by year’s end.”
U.S. Travel’s executive VP, pointed out that: “Travel workers have a strong case to be a top priority in the next legislative package, and unless their employers can survive the worst of this downturn, a massive share of those jobs simply will not come back even as the overall economy begins to improve.”
And Emerson Barnes added that: “A broader recovery won’t happen unless a travel recovery can happen, and that is going to take a comprehensive effort of relief, protection and eventual stimulus to prevent the travel industry depression from going on for years.”
Go to www.ustravel.org for more.