Revised projections show a worsening impact of the coronavirus on the U.S. economy: a loss of 5.9 million jobs by the end of April due to declining travel, according to data released Tuesday by the U.S. Travel Association and Tourism Economics.The figures indicate that the economic damage from the public health crisis is accelerating: a similar analysis released last week forecast 4.6 million jobs lost to travel declines before May.
The U.S. Travel Association is urging the inclusion of numerous relief measures for travel businesses in the “Phase III” coronavirus package being negotiated in Congress, including:
- Access to more significant small business loans, and ensuring immediate access to retain employees and cover basic costs during the shutdown;
- A Workforce Stabilization Fund to help medium and larger travel businesses retain their workers and remain solvent; and
- Tax relief to help mitigate economic losses.
Travel supports 15.8 million U.S. jobs in total—employment for one out of every 10 Americans.
Other key findings in the analysis include:
- The loss in travel-related jobs alone will more than double the U.S. unemployment rate from 3.5% to 7.1% by the end of April;
- The expected loss of $910 billion in travel-related economic output in 2020 would be seven times the impact of 9/11; and
- The predicted slowdown in the travel sector alone will push the U.S. economy into a protracted recession.
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