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PRESS RELEASE
For Immediate Release
Contact: Debra Kelman 212-794-DKPR (3577)
dkelman@dkpr.com
The Travel Business Roundtable (TBR) Index Of Leading Economic
Indicators Advances Slightly In June
WASHINGTON, D.C. - August 9, 2000 -- The Travel
Business Roundtable (TBR) Index of Leading Economic Indicator
increased modestly in June - up 0.2 percent. That compares
to the U.S. Index of Leading Economic Indicators, which remained
unchanged for the third consecutive month.
While the June increase in the TBR Index was not as strong
as the 1.9 percent increase in May, the data for the first
six months of 2000 continue to reflect a dramatic acceleration
of growth with a seasonally-adjusted annual rate of increase
in excess of 10 percent. This is in sharp contract to the
performance during the last six months of 1999, when the rate
of change in the TBR Index was essentially unchanged.
In June, five of the nine components that comprise the overall
index were unchanged from May with three advancing and one
that declined.
Increases were noted in ARC Sales, Retail Sales at
Eating and Drinking Establishments, and Hotel/Motel Revenue.
Unchanged sectors included ATA Revenue Passenger Miles,
Personal Consumption Expenditures for Travel and Related Services,
Hotel/Motel Occupancy Rates, Rental Car Revenue Per Day, and
Travel/Tourism Employment.
The only declining category was Consumer Confidence.
"In reviewing the weaker June increase in the TBR Index,
one should not read too much into it," notes Dr. James
Howell, Economist and President of the Boston-based Howell
Group. "The monthly changes most likely reflect normal
variations in a rapidly growing travel and tourism industry,
which continues to have a ‘positive pull’ on the
overall economy’s pace of activity."
The TBR Index is a composite of nine key travel, tourism,
entertainment, and restaurant data measures representing all
the major economic sectors of this industry. The composite
TBR Index represents a weighted computation of the month-to-month
changes in each of the individual time series. Seasonal fluctuations
are removed from these data before they are aggregated into
the final TBR Index.
Overall, the TBR Index reflects key industry changes throughout
the national economy and very much like the Conference Board's
U.S. Index of Leading Economic Indicators, has been statistically
constructed to lead changes in overall economic indicators
such as GDP, personal income, industrial production and other
major economic performance variables.
Continually seeking to educate elected officials on the important
contributions the travel and tourism industry makes to the
nation’s economy, the TBR recently submitted language
on the issues it would like to request be included in the
platforms being developed for both the Republican and Democratic
Conventions.
The two primary issues that the organization is focusing
on for inclusion in the parties’ platforms include the
creation of a national brand marketing campaign and the need
to address workforce shortages as a result of the tight labor
market.
The Travel Business Roundtable is a coalition of more
than 60 CEO’s representing all sectors of the travel
and tourism industry. In addition to the major airlines, car
rental companies, travel management agencies, hotel chains,
TBR’s membership roster also includes companies such
as The Coca-Cola Company, USA Today, TravelNow.com, the Taubman
Company, and the International Council of Shopping Centers,
demonstrating the broad scope and diversity the industry represents.
Projected to be the world’s largest industry in the year
2000, travel and tourism is the nation’s third largest
retail industry and second largest employer with more than
17 million Americans employed directly or indirectly in travel
and tourism. As America’s leading services export, travel
and tourism created a trade surplus of nearly $12 billion
in 1999, generating $82 billion of tax revenue and $541 billion
in total expenditures.
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