David Huether, senior vice president for economics and research at the US Travel Association, reacts to Friday’s Labor Department employment report:
“It’s another record-setting jobs month for travel, which continues to pace the economy in a number of indicators as it emerges from the recession. Travel employment reached 8,027,000 based on the first-Friday Labor Department report, and actually bested the eight million mark for the first time in September according to the upward revision of the previous report.
“The travel industry has been among the most reliable job generators in the U.S. economy, adding jobs in 51 of the 60 months during the past five years and 800,000 jobs overall since the Great Recession. That’s more jobs than the entire manufacturing sector has created.
“The travel industry has also created jobs at a 40 percent faster pace than the rest of the economy during the current expansion. One of the main reasons that the travel industry has been creating jobs faster than the rest of the economy is that travel is more export-oriented, more labor-intensive, and more immune to offshore outsourcing than other sectors of the economy. Every $1 million in travel exports supports more than six U.S. jobs in the travel industry, which is three times more than the number of jobs supported by $1 million of agricultural exports.