When the pandemic began, restaurants, bars and hotels were hard hit, shedding more than 8 million jobs in the first few months of 2020. That equaled about a 49% contraction of that sector’s workforce. But it started to recover in May of that year and, last month, stood just 2.4% shy of its February 2020 level. The industry added 917,000 jobs in April from a year earlier, according to data from the Bureau of Labor Statistics, the second-largest gain of any industry during that period.
But why are Americans still so willing to open up their pocket books to take a trip or go out to eat, despite inflation and economic uncertainty? “It’s become less ‘revenge travel’ and more of a lifestyle in terms of sort of a generational shift in the prioritization of in-person experiences over goods,” Jeanelle Johnson, partner and co-leader of the travel, transportation and hospitality sector at PricewaterhouseCoopers, told CNN.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Americans' debt surpasses $17 trillion for the first time | CNN BusinessAmericans' debt levels continue to climb to new heights at a time when economic conditions are becoming increasingly less stable.
Source: CNN - 🏆 4. / 95 Read more »
Vice Media files for Chapter 11 bankruptcy ahead of planned sale | CNN BusinessVice Media filed for Chapter 11 bankruptcy protection Monday to facilitate a sale of the company, according to court documents and a statement from the struggling media group.
Source: cnni - 🏆 326. / 59 Read more »
Sexual harassment debate breathes new life into China's #MeToo movement | CNN BusinessA heated online debate on the definition of sexual harassment has broken out in China in the wake of a series of allegations made against an influential screenwriter, rekindling interest in the country's struggling MeToo movement.
Source: CNN - 🏆 4. / 95 Read more »
Ex-ByteDance employee claims China had 'supreme access' to all data | CNN BusinessChina's Communist Party had 'supreme access' to all data held by TikTok's parent company Bytedance, including on servers in the United States, a former employer who is bringing a wrongful termination lawsuit has alleged.
Source: cnni - 🏆 326. / 59 Read more »
Economy | CNN BusinessKate Spade’s $500 “sheepdog” bag is an example of how companies keep raising prices -- and consumers keep paying them.
Source: CNN - 🏆 4. / 95 Read more »
Turkish lira sinks to new record low on possibility of Erdogan re-election | CNN BusinessInvestors are nervously awaiting the outcome of Turkey's tight presidential race Monday, sending stocks falling and the value of its currency down to a new record low against the US dollar.
Source: cnni - 🏆 326. / 59 Read more »