Monday, September 22, 2014

Travel And Tourism Spending Turned Up In Q2

TRAVEL AND TOURISM SPENDING TURNED UP IN THE SECOND QUARTER OF 2014

Real spending on travel and tourism turned up in the second quarter of 2014, increasing at an annual rate of 2.1 percent after decreasing 1.1 percent (revised) in the first quarter of 2014. Real gross domestic product (GDP) also experienced an upturn, increasing 4.2 percent (second estimate) in the second quarter after decreasing 2.1 percent in the first quarter. All major categories, with the exception of “traveler accommodations” contributed to the increase in the second quarter.
The leading contributors to the upturn in the second quarter were “recreation, entertainment, and shopping,” and “food services and drinking places.” “Recreation, entertainment, and shopping” increased 4.5 percent in the second quarter after decreasing 2.7 percent in the first quarter. “Food services and drinking places” increased 6.5 percent after decreasing 1.8 percent. “Transportation” increased as well, reflecting an upturn in “passenger air transportation” that was partly offset by a downturn in “all other transportation-related commodities.” Partially offsetting these upturns, “traveler accommodations” decreased 0.8 percent in the second quarter after increasing 0.6 percent.
Chart 1. Quarterly Growth in Real Tourism Spending

Thursday, September 18, 2014

How can we become happier?

Here are 10 of my favourite recent psychology studies about happiness.
By Dr Jeremy Dean
Hope you enjoy them!
(You can click the links for longer descriptions of the studies.)

1. Happiness activates the whole body

Unlike thoughts, the emotions don’t live entirely in the mind, they are also associated with bodily sensations.
Thanks to a new study, for the first time we now have a map of the links between emotions and bodily sensations.
Finnish researchers induced different emotions in 701 participants and then got them to colour in a body map of where they felt increasing or decreasing activity.
Yellow indicates the highest level of activity, followed by red. Black is neutral, while blue and light blue indicate lowered and very low activity respectively.
basic_emotions
It’s fascinating that happiness is the one emotion that fills the whole body with activity, including the legs, perhaps indicating that happy people feel ready to spring into action, or maybe do a jig.

2. Happiness changes our genetic code

The right kind of happiness doesn’t just feel great, it also benefits the body, right down to its instructional code.
A recent study examined the pattern of gene expression within the cells responsible for fighting off infectious diseases and defending the body against foreign materials.
Amongst people experiencing higher levels of ‘doing good’ happiness, there was a stronger expression of antibody and antiviral genes.
While doing good and feeling good both make us feel happy, it’s doing good that benefits us at the genetic level.

3. People are happier when they do the right thing

What has happened to people’s happiness all around the world as they’ve faced the economic crisis?
How have they coped with job losses, less money coming in, the sense of despair and lack of control over a nightmare that seems to have no end?
One answer is: some have pulled together.
Data from 255 metropolitan areas across the US found that communities that pull together — essentially doing nice little things for each other like volunteering and helping a neighbour out — are happier.
Social capital has a protective effect: people are happier when they do the right thing.

4. Act like an extrovert — even if you are an introvert

Acting like an extrovert — even if you are an introvert — makes people all around the world feel happier, recent research suggests.
The findings come from surveys of hundreds of people in the US, Venezuela, the Philippines, China and Japan.
Across the board, people reported that they felt more positive emotions in daily situations where they either acted or felt more extroverted.
Participants in the study were told to act in an outgoing way for 10 minutes and then report how it made them feel.
Even amongst introverts — people who typically prefer solitary activities — acting in an extroverted way gave them a boost of happiness.

5. Happiness is contagious online

Emotions expressed online — both positive and negative — are contagious, a new study concludes.
One of the largest ever studies of Facebook examined the emotional content of one billion posts over two years.
Software was used to analyse the emotional content of each post.
It turned out that positive emotions spread more strongly than the negative, with positive messages being more strongly contagious then negative.

6. Ageing changes what makes you happy

With increasing age, people get more pleasure out of everyday experiences.
A recent study asked over 200 people between the ages of 19 and 79 about happy experiences they’d had that were both ordinary and extraordinary.
Across all the age-groups in the study, people found pleasure in all sorts of experiences; both ordinary and extraordinary.
But it was older people who managed to extract more pleasure from relatively ordinary experiences.
They got more pleasure out of spending time with their family, from the look on someone’s face or a walk in the park.
Younger people, meanwhile, defined themselves more by extraordinary experiences.

7. Why materialistic people are less happy

The reason that materialistic people are less happy is that a focus on what you want — and therefore don’t currently have — makes it more difficult to appreciate what you already have.
A recent study found that materialists also feel less gratitude which, in turn, is associated with lower levels of life satisfaction.
The study quotes the words of Greek philosopher Epicurus, who said:
“Do not spoil what you have by desiring what you have not; remember that what you now have was once among the things you only hoped for.”
By law, all credit cards should have this quote across the front in fluorescent pink.

8. The power of social connections

Relationships have stronger associations with happiness than academic achievement, according to a recent study.
Whilst strong social relationships in childhood and adolescence were associated with happier adults, the associations with academic achievement were much lower.
It seems that all the education in the world won’t necessarily teach you much about what it means to be happy, in either the emotional or philosophical sense.

9. Goals that lead to happiness

Surprisingly, people are often wrong about the type of goals that will make them happiest.
New research suggests that certain concrete goals for happiness work better than abstract goals.
The study found that acts performed in the service of a concrete goal (making someone smile) made the givers themselves feel happier than an abstract goal (making someone happy).
By thinking in concrete ways about our goals for happiness, we can minimise the gap between our expectations and what is actually possible.

10. Unexpected pleasure from mundane moments

Mundane, everyday experiences can provide unexpected joy down the line, new psychological research finds.
In one study, 135 students were asked to create a time capsule at the start of the summer which included:
  • a recent conversation,
  • the last social event they’d attended,
  • an extract from a paper they’d written,
  • and three favourite songs.
At the time, they also predicted how they’d feel about these items when they opened the capsule three months later.
Despite being relatively mundane, the students significantly under-estimated how surprised and curious they would be when they opened it.
The study is a reminder of how we tend to undervalue the happiness we can get from everyday events.
So, why not make a little time capsule today?

How do you position your firm for improved performance?

By Amos B Robinson

There are many different elements to your business or organization: Strategy, Culture, Core Processes, Systems and Structure. So there are many different areas of our firm that we have to be concerned about when it comes to performance. But what strategic approach can we use to help drive all these other areas of our business? What approach can we measure and use to implement the performance improvement that we so desire? The answer is Employee and Customer Engagement.

There is nothing that will provide for the growth of your firms sales and profits like an engaged employee and customer. As you can see from the accompanying graph, employee engagement by itself can affect a number of key outcomes in your business.

Do you know how engaged your employees or customers are?

Work units in the top quartile also saw significantly lower turnover (25% in high-turnover organizations, 65% in low-turnover organizations), shrinkage (28%), absenteeism (37%), fewer safety incidents (48%), patient safety incidents (41%), and quality defects (41%).

It is the engaged employee who brings the most productivity, energy, innovation, excitement and enthusiasm to the position. This in turn impacts the customer. The customer is impacted by the engagement of the employee to the point where it creates excitement and enthusiasm around your brand. In other words, the customer wants to buy more of what you have to sell, will pay more for it and will purchase more often.

So what can we do to improve or increase the engagement of our team members. First, we can measure for it. When we measure for it, we learn where the areas of improvement are and can then prioritize our efforts and begin work. Secondly, we can hire for strengths appropriate to the position or role and enhance the strengths of our existing team mates. Thirdly, we can select managers carefully and train them to manage for engagement.

To learn more about scheduling a discussion session call (919)348-9153 or (804)651-5400 or reply to this email.

You can access Robinson Analytics Blog at http://blog.robinsonanalytics.com


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Insights for improved performance. 

Wednesday, September 17, 2014

The Economic Guide To Picking A College Major

The millions of American college students heading back to campus this month face a grim reality: A college degree is no guarantee of economic success. But through their choice of major, they can take at least some steps toward boosting their odds.
The link between education and earnings is notoriously fraught, with cause and effect often difficult to disentangle. But a look at detailed data on college graduates by major reveals some clear messages: Don’t be pre-med if you aren’t planning to go to medical school; don’t assume that all “STEM” — science, technology, engineering and math — majors are the same; and if you study drama, be prepared to wait tables.
Those lessons might seem obvious, but there’s evidence that many students aren’t learning them. By far the most popular major in recent years, psychology, is also one of the lowest-paying and leaves more than half its graduates working in jobs that don’t require a college degree. Many of those students no doubt would have chosen to study psychology even if they had known about their uncertain career prospects. But research has consistentlyshown that many colleges and universities do little to push their students to make informed choices about what to study.
For all the recent skepticism about the value of a college education, abachelor’s degree is still “worth it” on average. In fact, according to a recent analysis by economists at the Federal Reserve Bank of New York, the average value of a college degree is near an all-time high, even factoring in rising tuitions.
But the key word there is “average.” The same Fed researchers also found that the lowest-earning 25 percent of college graduates earn less than about half of high school graduates — and the high school grads also had four years to make money while the college students were taking on debt. And those figures don’t include the shockingly high percentage of college students who don’t graduate, many of whom end up with the worst of both worlds: saddled with debt, but with no degree to help their job prospects.
Today’s college students, then, need to choose a major that maximizes their chances of graduating, and minimizes their chances of ending up in that bottom 25 percent, where they would have been better off skipping college, at least financially.
To understand how big a financial difference choice of major can make, look at the table below. The typical recent college graduate with a full-time job earns about $36,000 a year, according to the American Community Survey. But graduates with a degree in petroleum engineering, the highest-paying major, earned a whopping $110,000. That’s five times the $22,000 median salary at the bottom end of the spectrum, library science. And that’s just for graduates lucky enough to land full-time jobs.1

Tuesday, September 9, 2014

Poll: People around the globe sour on economic recovery

Think the economic recovery isn't going so well? You're not alone.
Article by Alan Gomez, USA TODAY
A 44-country survey shows that 60% of people say their own country's economy performs poorly, and 69% say it's headed in the wrong direction, according to a Pew Research Center report released Tuesday.
"Six years after the beginning of the Great Recession, amid an uneven global economic recovery, publics around the world remain glum," the report concluded. "In most nations, people say their country is heading in the wrong direction, and most voice the view that economic conditions are bad."
The survey, conducted in each of the 44 countries, found that people's moods reflect what has been a slow economic turnaround. In the first quarter of 2014, global growth slowed to 2.75%, a full percentage point down from the second half of 2013, according to the International Monetary Fund.
There were some interesting patterns in the way people view their economic prospects.
Most people in advanced economies (64%) and emerging ones (59%) describe their country's economic condition as bad, while 51% of people in developing countries call it good.
Improvements in manufacturing combined with better responses from their governments helped the economic outlook in many Asian countries. The poll found that Pakistan, Indonesia and South Korea are among the six countries with the biggest increases in economic optimism from 2013 to 2014.
Political turmoil was to blame for increased depression in Latin America. Brazil, Venezuela and Argentina, which have seen mass protests over political and economic shortcomings, saw some of the biggest drops in economic confidence from 2013 to 2014.
Americans aren't feeling too bullish either. Forty percent of respondents say the economy is doing well, and 33% say they're satisfied with its direction.
There is similar concern among other advanced economies surveyed. Germany is the only advanced country where a majority of people (59%) are satisfied with the direction of the economy. Forty-nine percent of Israelis, 40% of people in the United Kingdom and 34% of Japanese say their countries are on the right track.
The lack of employment opportunities is the primary economic challenge in European countries such as Greece, Italy, Spain and France. People in countries from Pakistan to South Africa to Mexico say rising prices are more troubling than jobs, public debt and the gap between rich and poor.
Other findings from the report:
  • Countries with the worst outlooks of their economic situation are Greece (97%), Italy (96%), Spain (93%), Ukraine (93%) Lebanon (91%) and France (88%).
  • Countries with the brightest outlooks of conditions are China (89%), Vietnam (87%), Germany (85%), Malaysia (72%). Bangladesh (71%) and Chile (69%).
The survey was based on 48,643 interviews in 44 countries from March 17 through June 5. The margin of error for each country ranges from 3.1% to 4.5%.

Friday, September 5, 2014

Private Sector Employment Is Continuing to Grow

According to the ADP Payroll Employment report that was released yesterday, we saw August 2014 private sector employment continuing to grow.  The trend-line continues its upward climb.  However, we see that the employment growth number is slower than the growth rate of June of this year and the previous four months.

Small businesses with 1 to 49 employees saw the greatest increase of employment for the month with seventy eight thousand.  Mid-sized firms saw the second largest category of growth with 75,000 employment growth.  Large businesses as a category increased the least in August with employment growth of 52,000.

The largest sector of employment growth was professional/business services with 51,000 employment growth.  The second largest sector of employment growth was trade/transportation/utilities with 28,000 employment growth.

Amos B Robinson,
Data Scientist
Robinson Analytics
"Insights for Improved Performance"
(919)348-9153 or (804)651-5400
www.robinsonanalytics.com


Tuesday, September 2, 2014

U.S. Consumer Spending Flat in August

WASHINGTON, D.C. -- Americans' self-reports of daily spending averaged $94 in August, matching the average for July. Spending last month was also similar to the $95 average in August 2013.
Though higher-income earners may have spent less in August, middle- and lower-income-earning Americans picked up the slack -- thus keeping overall spending flat.
August 2014 consumer spending may not have exceeded the previous August's figure, but spending this year has been steady. The larger pattern since 2012 has been one of increased consumer spending, which is crucial to the U.S. economy's recovery.
Self-Reported U.S. Consumer Daily Spending -- January 2008-August 2014