Summer is approaching and bringing with it, better weather. A publication by the Federal Reserve Bank points out that with the number of consumers receiving the COVID-19 vaccines continuing to grow and restrictions on restaurant capacities beginning to ease, consumers with pent-up demand for travel, or a chance to dine in at restaurants and attend public events will increasingly do so.
These factors, says the Rocky Mountain Economist support the outlook for a swift recovery in employment for leisure and hospitality workers. However, the return to pre-pandemic levels of employment for these workers may take more than a surge in consumer spending. Although activity in most sectors is continuing to approach pre-pandemic levels, putting many employees back to work, more than 98,000 jobs in leisure and hospitality businesses in the Rocky Mountain region remain unfilled.
Still, the publication says consumers’ accumulation of savings during this economic downturn suggests that if they have the desire, they have the wherewithal to invest on travel and other leisure activities in the near future. In fact, studies show the savings rate has increased beyond levels seen in previous recessions.
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