Dream Hotel Group CEO Jay Stein noted that a potential recession is a concern, but highlighted that his hotels bounced back from the pandemic quicker than expected.
Dream Hotel Group CEO Jay Stein discusses the positive and negative trends he is noticing amid the uncertain economic backdrop.and about "people being nervous about spending money."" one day before the Bureau of Economic Analysis is set to release advance estimates of second quarter gross domestic product , the broadest measure of goods and services produced across the economy. It was first revealed in late April that the U.S.
The contraction marks the first drop in GDP since the second quarter of 2020 during the COVID-induced recession. The Labor Department said that the consumer price index, a broad measure of the price for everyday goods, including gasoline, groceries and rent, rose 9.1% in June from a year ago. Prices jumped 1.3% in the one-month period from May. Those figures were both far higher than the 8.8% headline figure and 1% monthly gain forecast by Refinitiv economists.
While he noted that a potential recession is a concern, the business leader highlighted that his hotels bounced back from the pandemic quicker than expected.
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