1.3 Percent Increase Expected for Labor Day Weekend Travel

The 34.7 million Americans expected to travel at least 50 miles for the holiday weekend is a positive sign for the US economy.
3:36 | 08/22/14

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Transcript for 1.3 Percent Increase Expected for Labor Day Weekend Travel
-- -- It's Friday August 22 the New York financial markets are open and today's big number is 34 point seven million. That's how many Americans are expected to travel fifty miles or more over the upcoming Labor Day weekend according to a survey by AAA. That figure also says something about the US economy. Hello everyone I'm Mary -- in Washington DC. Here with the details Lauren Lister of Yahoo! finance. Good morning -- so break down the numbers out from triple -- this morning as we approach the holiday weekend. Sure are good morning Mary snow at -- at 34 point seven million Americans planning to travel this Labor Day weekend which is -- one point 3% increase over last year so. More people traveling and also with the most since the 2008. Numbers were tallying of course so many people cut back on travel during a recession and that financial crisis after mass so really -- senior rebuilding from bearing. And dad increase over last year isn't it a bit of a positive sign it if more people are indeed death feeling good about the economy and traveling as a result of that. So he mentioned triple -- says this is the highest number of Americans heading out to say goodbye -- summer. Since 2008. So did a little bit deeper here what does this say about an improving economy. So a couple things one thing that -- consumers are benefiting from our lower gas prices so. 90% of those travelers that triple -- survey are planning to travel by car thirty million -- so. I guess that put opinion that married for planning to drive you may face in traffic. But really one of the reasons that consumers are going to be helped and maybe this is -- affecting their travel plans and their driving plans. It -- gas prices are lower than they were last year and in fact. We're seeing the lowest gas prices since August of 2010 for this month so. Heading into the Labor Day weekend right now gas prices are 344 gallon on on average nationally compared at 359 last year and they're not expected to. To go -- much so this is expected to pretty much hold until Labor Day weekend. Next weekend so that's one -- that things that are that are benefiting consumers are not telling -- much pain at the pump. And any other thing is I don't know if this is a good -- -- bad -- so you could see it as a sign of consumer confidence. That people are traveling but that kind of flip side of that is it what AAA has found is that they are that with. Fueling increases it. Credit card spending their putting on their credit cards. Rather than an increase saying in. In -- wages that is that they're traveling on so that's kind of a double edged sword in May be more people are confident that they're willing to pull out their credit cards. But they're not making more money so it's not really get a gauge of of improvement -- in wages are in the situation of of a lot of folks really financially. And it it's not just the cars rated triple -- says the number of folks flying is also up is that right that's. That's right so -- it more people are planning to fly them last year -- 1% increase in an -- people planning. To fly. They are going to face higher fares they found higher fares. Vs last year and maybe you wanna drive as rental car rates are flat and about 51 dollars a day that everybody's gonna face. Higher hotel costs on average by about six or 9% depending on the type of hotel. You stay at luxurious or mid level so even at higher prices all -- -- but more people flying -- make those travel plans and also earning. -- -- from Yahoo! finance thank you for joining us. You can -- keep up with the latest headlines right here on abcnews.com. You've been watching the big number I'm Mary -- in Washington.

This transcript has been automatically generated and may not be 100% accurate.

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