What’s Going on With the Economy? And How Will it Impact the Travel Sector?
Photo Credit: The travel metasearch engine has seen substantial growth in the India market over the last few years, with the country moving up among its top five markets. Pixabay
Skift Take
Unemployment is still at historically low levels and financial markets have only been selling off for a few days after strong gains. But the sentiment has shifted.
After 15 years without a recession (ex-Covid), Friday’s jobs report has sent U.S. markets into a freefall and has a lot of people whispering the R-word. Here’s what’s going on and what it means for the travel industry.
So What Happened?! Everything Was Going So WellA trifecta of bad economic news has roiled American markets, which are in the middle of a sell-off after a huge run earlier this summer. Here’s why:
On Friday, the Bureau of Labor Statistics put out its monthly report that showed the U.S. economy added only 114,000 jobs in July, a much lower number than expected. The unemployment rate ticked up to 4.3%. That, coupled with the fear that the Federal Reserve has been too slow to cut interest rates has caused significant market volatility. And earnings season, which we are still in the middle of, has been full of so-so to poor results. And Today the Market Is?A bloodbath. The S&P 500 is down roughly 8% from the peak hi
