The Big Picture

Staff -- Tradeshow Week, 8/23/2004

Hotel Rates

Average daily rates in the U.S. lodging industry will rise by 3 percent this year, according to PricewaterhouseCoopers. The increase is due to inflation and a faster increase in business travel.

Total employment rose by 629,000 to 139.7 million in July, according to the Labor Department. Both the number of unemployed persons, 8.2 million, and the 5.5-percent unemployment rate were unchanged.

The Federal Open Market Committee raised interest rates by a quarter-point, and signaled that, despite moderate job growth, it appears the economy is poised to "resume a stronger pace of expansion." The Fed blamed higher energy prices.