Economic uncertainty continues to hurt business travel
U.S. companies are continuing to cut back on employee travel plans amid uncertainty surrounding the health of the economy. The Global Business Travel Association says Americans are expected to take 438.1 million business trips this year, down 2% from last year. Overall business travel spending is expected to be up, but that's only because trips are more expensive. The travel group cites a lack of significant job creation in the sectors that would spur business travel and worries about whether a package of steep tax increases and sharp government spending cuts can be avoided as major factors hurting business travel plans. The travel group says fears of the so-called fiscal cliff, scheduled to kick in at the beginning of next year in the absence of legislative action to stop it, are "the darkest cloud" on the economic horizon.
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