U.S. airlines, travel industry gear up for Labor Day weekend surge

SaltWire's Atlantic regional weather forecast for September 1, 2023 | SaltWire - U.S. airlines and airports have geared up for a busy weekend ahead of the Labor Day holiday as travelers plan to jet off to international locations and cooler destinations.

"We anticipate this Labor Day holiday weekend will be busy, with passenger volumes nearly 11% higher than last year—volumes that already exceeded 2019 Labor Day holiday travel volumes," TSA Administrator David Pekoske said in a statement. Travel operators with a larger international footprint have reported strong earnings, with companies ranging from Airbnb to Marriott forecasting strong future demand due to robust global travel and higher room rates.

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Marketmind: Early Labor Day for marketsLabor Day comes a bit earlier for markets this year, with Friday's release of the critical August jobs report coming just ahead of Monday's end-of-season U.S. holiday. Judged by the torrent of labor market soundings we've seen already this week, a negative surprise from the national employment picture later on Friday seems unlikely. Consensus forecasts for a slight slowdown in the monthly hiring pace to about 170,000 additional non-farm payrolls last month, and a jobless rate steady at just 3.5%, would tally with the picture painted by other employment measures this week.
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