How The Slumping U.S Economy Impacts Local Toursim

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NASSAU, BAHAMAS – The U.S job market is facing a slump, and as always, that’s not good news for the nation’s number one industry. 

U.S. media is widely reporting a hiring slowdown based on data in a recently released jobs report. J.P. Morgan Chase’s CEO is going so far as to say the economy is weakening. 

Denielle Miller – demiller@cablebahamas.com 
“Seven point three million people are currently unemployed in the United States, according to reports, that a one hundred and forty eight increase since October 2021, but what does this have to do with the Bahamas?”

Seven point three million people are currently unemployed in the United States, the number increasing by one hundred and forty-eight thousand since October 2021, according to trading economics dot com. 

But how do these statistics relate to the Bahamas? Chief Operating Officer of Holdun Gerrmaine Bullard explains.

Germaine Bullard – COO, Holdun Family Office 
“There are a number of old sayings that if they sneeze, we catch the cold, vice versa, so we have to always monitor what’s going on in the United States of America.”

About 80 percent of tourists to the Bahamas are Americans, making tourism, and by extension American tourists, a central driver of the Bahamian economy. 

Bullard says in his opinion, it’s too early to confirm if the employment dilemma in the United States will impact the industry; however, he says it’s something to keep an eye on. 

Germaine Bullard – COO, Holdun Family Office 
“As we know, this is probably us going into the slower season until we get into U.S. Thanksgiving and a few other different events”