(Source: Associated Press/AP Online)
CHICAGO - Shares of U.S hotel chains climbed Friday after a series of economic reports showed the recession may be drawing to a close and gave investors hope the hard-hit industry will see occupancy rates climb.
Early in the day, federal data showed that employers sharply scaled back layoffs in July. And the government reported that the national unemployment rate dipped for the first time in 15 months in July.
Other encouraging news: Workers' hours nudged up after sinking to a record low in June, and paychecks grew after having stagnated or fallen.
It was all good news for the tourism and hospitality industry, which depends on visits from both business and leisure travelers. Both groups have cut travel spending because of the recession.
Shares of Starwood Hotels & Resorts Worldwide Inc. climbed $3.32, or 12.7 percent, to $29.45 in afternoon trading.
Marriott International Inc. shares were up $2.65, or 11.8 percent, to $25.11.
Choice Hotels International climbed $1.64, or 5.6 percent, to $30.89.
Wyndham Worldwide rose $1.13, or 7.9 percent, to $15.52.
And Orient-Express Hotels Ltd. climbed 76 cents, or 8.2 percent, to $10.00.
A service of YellowBrix, Inc.
