PRESS RELEASE

For Immediate Release

The TBR/WTTC Index Of Leading Economic Indicators Advanced Again In February--Up 0.7 Percent

WASHINGTON, D.C. - April 25, 2002 - The Travel Business Roundtable/World Travel & Tourism Council Index (TBR/WTTC) of Economic Indicators increased 0.7 percent in February, making it the fifth consecutive monthly increase since September 2001.

These data confirm that the travel and tourism industry continues to rebound. However, as positive as these developments may be, the overall Index still remains below its previous, pre-September 11th peak. In June 2001, the TBR/WTTC Index stood at 138.6; in September, it fell to 124.2. In February 2002, the Index had risen to 130.1 3Ñ4 still 6 percent below the previous high.

In February 2002, the U.S. Index of Leading Economic Indicators was unchanged from the previous month. But, unlike the TBR/WTTC Index that had a severe decline after the events last fall, the U.S. Index has continued to make steady upward advances since March 2001. The February 2002 U.S. Index was 111.5, posting a robust 3.0 percent increase since September. Over the post-World War II period, the U.S. Index has never failed to accurately predict a recovery in the economy. This data 3Ñ4 along with other statistical evidence currently available 3Ñ4 provides further support that the national recovery is underway.

The statistical details on these two important indexes are shown in the brief table below.

The disparate behavior of the travel and tourism industry is evident in the monthly rates of change in these two Indexes over the past twelve months. The lingering effects of September 11th and their impact on the industry are the underlying cause for the 5.6 percent decline over the past twelve months.

The 0.7 percent increase in the TBR/WTTC Index was, for the first time in many months, spread throughout the Index; six of the nine indicators included in the Index were up, one was unchanged and only two declined. Increases took place in the following sectors:

	ATA Revenue Passenger Miles
	Retail sales at eating and drinking establishments
	Personal consumption expenditures for travel and related items
	Hotel/motel occupancy rates
	Hotel/motel revenue
	Travel and tourism employment

The gains in the hotel/motel revenue and occupancy rates were particularly strong in February 2002, and are considered to be bellwether indicators for the industry.

Declines were noted in two sectors; these were:

	ARC sales
	Consumer confidence

In the one remaining sector 3Ñ4 rental car revenue 3Ñ4 the February 2002 figure was unchanged from the previous month.

"We may conclude at this point that the travel and tourism industry continues to develop recovery momentum following September 11th," stated Dr. James Howell, economist and president of the Boston-based Howell Group. "However, until all nine indicators surpass their previous lows, the industry’s full recovery remains incomplete."

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The World Travel & Tourism Council (WTTC) is the global business leaders' forum for Travel & Tourism in. Its members are chief executives from all sectors of industry, including accommodation, catering, entertainment, recreation, transportation and other travel-related services.

Founded in April 1990, WTTC policies are set and implemented by a Member Executive Committee, a President and a small staff in London, with representative offices in North & South America, Asia/Pacific and Europe.

The Travel Business Roundtable is a CEO-based organization 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, the National Football League, and the International Council of Shopping Centers, demonstrating the broad scope and diversity the industry represents. In 2000, travel and tourism was the nation’s third largest retail industry and second largest employer with more than 18 million Americans employed directly or indirectly in travel and tourism.

CONTACT:
Debra Kelman
212-794-DKPR (3577)
dkelman@dkpr.com

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