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Leisure and Hospitality industry recovering due to vaccine

Leisure and Hospitality industry recovering due to vaccine

As many states in the United States have started mandating vaccinations, over the past few days we've witnessed multiple protests and resignations erupting all across the country from employees who do not want to comply with these mandates. The leisure and hospitality industry however posses an example of what happens if a majority of staff start getting vaccinated. 


COVID-19 vaccine is helping is reviving leisure and hospitality businesses hit by the pandemic. According to a report by Fitch Ratings, jobs in the leisure and hospitality sector are getting back on track at a faster rate in states with higher vaccination rates. Coincidently, jobs in the said sector are improving much slower in states with lower vaccination rates. In August, states, where 66% of the population was vaccinated, saw an increase in jobs in restaurants, hotels, and other tourism-related areas with an average growth of 12%. Similarly, states with less than 50% vaccination rates observed growth of less than 4%. Olu Sonola senior director of credit research and risk analytics at Fitch believes that the states with lower vaccinations rates also have high cases of the Delta variant which is driving the population from public places. 


Source: CBS News

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