Vail Resorts acquires Australian ski area
Vail Resorts Inc. has acquired its first international ski area for about $134.8 million.
The Broomfield-based company announced Tuesday that it closed the deal for Perisher in New South Wales, Australia. The resort is the largest and most visited in Australia and is relatively close to Sydney and Melbourne.
Vail Resorts CEO Rob Katz said in the leadup to the deal that the decision to buy the 3,000-acre resort was aimed at driving season pass sales and building loyalty with guests from around the world.
Katz told The Denver Post in March that not many people travel from the United States to Australia to ski, but “there are huge amounts of Australians going to the U.S., and they tend to come for 10 to 14 days and travel in January, which is an off-peak time.”
U.S. adds 223,000 jobs in June; wages stay flat
The nation added a solid 223,000 jobs in June, according to government data released Thursday, but the labor market was again held back by its most persistent problems: flat wages and a decline in the size of the workforce.
The unemployment rate fell to 5.3 percent, the lowest mark in seven years, but only because 400,000 fewer Americans in June were actively looking for work. Only months ago, economists had figured that an unemployment rate approaching 5 percent would all but announce a return to full economic health.
The latest jobs data from the Department of Labor clouds the picture about the direction of the U.S. economy at a time of fresh global volatility, the result of high-wire negotiations between a near-bankrupt Greece and its international creditors.
Consumer sentiment rises to post-April high
Consumer sentiment advanced last week to the highest level since April as Americans’ attitudes about their finances and the buying climate brightened further.
The Bloomberg Consumer Comfort Index increased by 1.4 points to 44 in the period ended June 28. In the past three weeks, the gauge has recouped half of its 7.8 point decline from an eight-year high in mid-April.
Prices at the gas pump have ebbed after advancing about 40 cents a gallon from early April to mid-June, contributing to the biggest two-week improvement in buying attitudes in more than three years. Stronger employment growth, a pickup in incomes and rising home prices are keeping households more upbeat about their finances and the economy.
U.S. investigates possible airline collusion
The U.S. government is investigating possible collusion among major airlines to limit available seats, which keeps airfares high, according to a document obtained by The Associated Press.
The antitrust investigation by the Justice Department appears to focus on whether airlines illegally signaled to each other how quickly they would add flights, routes and seats.
The Justice Department asked each airline for its passenger-carrying capacity both by region, and overall, since January 2010.
American Airlines, Delta Air Lines, Southwest Airlines and United Airlines all said they received a letter and are complying. Several smaller carriers, including JetBlue Airways and Frontier Airlines, said they had not been contacted by the government.
The Associated Press