Over 41 Million Americans Will Travel During July 4th Holiday

The organization’s management reported:

AAA projects 41.9 million Americans will journey 50 miles or more from home this Independence Day, the most since 2007 and a 0.7 percent increase from the 41.6 million people who traveled last year. The Independence Day holiday travel period is defined as Wednesday, July 1 to Sunday, July 5.

While gas prices have risen, they are still below recent historic levels. Unemployment has almost halved from 10% at the depths of the recession:

Rising income, driven by a strong employment market, is prompting more Americans to take a holiday trip this year. Despite recent seasonal increases, gas prices remain well below year-ago levels, which has helped boost Americans’ disposable income.

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Also:

Despite recent seasonal increases in the price of gas, travelers continue to benefit from substantially lower prices compared to recent years. Most drivers will likely pay the lowest Independence Day gas prices in at least five years. Today’s national average price for a gallon of gasoline is $2.78, 88 cents less than the average price on Independence Day last year.

The airline industry should get a modest boost from the increased travel:

Nearly 85 percent of travelers (35.5 million) will drive to their holiday destinations, an increase of 0.7 percent. Holiday air travel is expected to increase 1.5 percent to 3.21 million leisure travelers. Travel by other modes of transportation including cruises, trains and buses, will increase 0.5 percent this Independence Day, to 3.2 million.

Perhaps the increase is a very modest sign of consumer sentiment, another sign that American spending, which is two-thirds of the economy, will take a modest tick upward as the holiday approaches. Or at least it is not taking a tick down.

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