US | Travel and Tourism Employment Report
Nearly half of the 16.9 million jobs in the leisure & hospitality (L&H) industry, as defined by the North American Industry Classification System (NAICS), were lost in March and April 2020. While 4.9 million jobs had been created or restored between April and November 2020, another 500,000 L&H jobs were lost in December 2020 and January 2021.
What you will learn:
- As of the August 2021 jobs report, leisure and hospitality employment sits 10% below its pre pandemic level; this is three percentage points lower than the next most hard hit industry.
- The leisure & hospitality industry accounted for 11% of pre pandemic employment in the United States yet represents 32% of all job losses through August 2021.
- While the easing of pandemic related restrictions and widespread vaccine availability accelerated the employment recovery through the first seven months of 2021, growing concern over the Delta variant’s rapid spread stalled the recovery in August.
High debt costs suggest European office price correction
Our analysis suggests a 10% correction is needed on average for the major office markets in Europe to compensate for the higher cost of debt, with prime yields required to soften by 10bps-75bps to generate a low-risk interest coverage ratio at a reasonable LTV.Find Out More
Why an ageing population doesn’t mean soaring inflation
What’s the future for inflation? Joachim Nagel, the new president of Germany's central bank, believes the rapidly ageing global population will play a key role – ramping up pressure on prices in the medium term. While we agree slowing labour supply will stifle output growth, in his recent discussion Nagel failed to fully consider the demand side of the argument.Find Out More