Nearly 35 Million Americans to Travel Labor Day Weekend, Most Since 2008
An estimated 34.7 million Americans will travel 50 miles or more from home this upcoming Labor Day holiday weekend, AAA Travel projects, the highest volume for the holiday since 2008.
The numbers of travelers expected on the roads or in the skies represents a 1.3 percent increase nationally over 2013 numbers.
Then, nearly 86 percent of those traveling -- 29.7 million -- will observe the holiday with a final road trip before summer wraps up and children head into another school year.
The Labor Day holiday travel period is defined as Thursday, Aug. 28 to Monday, Sept. 1.
"As the economy makes modest gains, more Americans are joining the labor force this year," AAA Chief Operating Officer Marshall L. Doney said in a news release "With Labor Day symbolizing the American workers' contributions to the strength and prosperity of our country, it's only fitting that millions are choosing to celebrate this positive direction with an all-American road trip."
Consumer spending, said Doney, continues to rise, in spite of stagnant income growth.
As a result, spending is expected to increase at the end of the third fiscal quarter 3.8 percent year-over-year, while disposable personal income is expected to increase a meager 1.4 percent.
That said, the AAA release said, reliance on credit cards, rather than increasing income, is fueling holiday travel spending this year.
Put another way, it appears while economic growth remains slow, consumers feel more comfortable taking on debt.
"This year, Americans are more optimistic about their financial situation," said Doney. "Consumer spending continues to outpace disposable income, indicating that Americans are comfortable using their credit cards to take one last summer vacation this year."
Meanwhile, American consumers are paying the lowest gas prices for early August since 2010 -- so low, in fact, that AAA expects gas prices will have little if any impact on the number of people traveling for Labor Day, aside from the fact lower fuel prices could make travel more affordable.
However, a major development in the oil market, such as a Gulf Coast hurricane, notwithstanding, gas prices will probably stay relatively low leading into the holiday weekend, as compared to recent years.
The current national average price for a gallon of gas is $3.44, compared to $3.59 on Labor Day last year.
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