Inflation-adjusted spending on travel and tourism in the U.S. declined at an annual rate of 5.9% in the first quarter after falling 6.9% in the first quarter, the Commerce Department’s Bureau of Economic Analysis said.
Weak demand is depressing travel and tourism prices, the agency added. They fell 10.9% in the first quarter on top of a 16.5% decrease in the fourth.
The decline in the tourism industry is turning into a priority for Congress. The Senate is moving forward on a bill to create a private fund to advertise the U.S. to foreign tourists. Private money will fund the company, but it will be matched by up to $100 million a year from the federal government.
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