Today’s Bureau of Labor Statistic job report isn’t as positive as many anticipated, with nearly 470,000 jobs lost in June, up from a slowing in May of 322,000, bringing the unemployment rate to 9.5%. With today’s news, the total number of job losses in 2009 is up to 3.4 million, out numbering the 3.1 million that were lost in the entirety of 2008. Clearly these losses are affecting us all – both employed and unemployed, and most of us are making at least some changes in our everyday lives to help counteract the possibility, or reality, of losing all or part of our incomes.
With summer upon us, so is the summer vacation. As one of the largest household expenses this time of year, this is one area in which many people are cutting back according to a survey commissioned by the career website Glassdoor.com and conducted by Harris Interactive®.
More than half of U.S. adults (52%) say they are modifying their summer travel plans in certain ways compared to last year. While nearly three-quarters (74%) say they traveled last summer only 60% say they plan to travel this summer. Of those who do plan to travel, nearly half (49%) are planning to travel less or take more work with them, one-third (35%) will spend less money and nearly one-fourth (22%) will take shorter vacations and travel shorter distances.
It’s not surprising that people unemployed might be cutting back on travel more than others, but we noted even employed adults who have watched others be laid off at their companies in the past six months were cutting back on travel more frequently than those who work for companies that haven’t had layoffs. As you can see from the chart below, nearly half (46%) of those who plan to travel this summer and work for companies that have laid off/communicated plans to lay off employees in the past 6 months plan to spend less money on holiday travel than they did last year, nearly one third (32%) plan to take a shorter break and nearly 29 percent plan to travel shorter distances..
Only 7 percent of U.S. adults who plan to travel this summer plan to spend more on summer vacations this year, and just 10 percent plan to take longer vacations than they have in the past. While this is good news for those who fall into this category, it’s also interesting to note that only 1 percent say that they will not bring work along. Does this mean 73 percent will? Hardly sounds like a vacation, and after the last economic year, we can all probably use a real break.
Planning to travel this summer
Those planning to travel
Company has laid off/ communicated plans to lay off employees in past 6 months
Will be doing something less for travel / work more (Net)
Spend less money on vacation
Travelling shorter distances
Fewer weekend trips
Bring more work when traveling
Will be doing something more for travel / work less (Net)
Will not bring work while travelling
More weekend trips
Traveling longer distances
Spend more money
Bring less work while travelling
We’ll be releasing the full results of the Glassdoor.com Employment Confidence Survey next week. For full results and survey methodology for this portion of our findings, please contact firstname.lastname@example.org