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Cars travel on Highway 101 on May 1, 2018 in Larkspur, California. (Photo by Justin Sullivan/Getty Images)

A record number of 49 million people will travel by car, train or plane on Independence Day weekend, the American Automobile Association says in a new report.

Why it matters: Many cities in the sun belt or the west coast are seeing tourist mobility and the holiday weekends contribute to that. Consumer spending and confidence has been steadily on the rise and is expected to continue in the summer months.

The numbers that matter: All modes of transportation are expected to increase at record-breaking rates during the July 3-8 holiday period, per AAA.

  • The cheapest way to travel this year will be by airfare — the lowest in five years — with an average of $171 round-trip for a domestic flight.
  • The majority of travelers will drive July 4 weekend — 39.7 million people. But, prices in rental cars hiked up 6%.
  • Trains, buses and cruise ships will see about 3.5 million travelers — up about 6% from last year.

The amount of travelers for Independence Day weekend broke the record consistently each year. In 2017, 44 million travelers. In 2016, nearly 43 million.

All that despite:

  • The hikes in gas prices since last year. Gas is $.59 more than it was one year ago.
  • Hotel room prices are up 11%. The average nightly rate is between $147-$187.
  • The ugly travel time that is expected during the holiday weekend with delays up to one and a half to two times longer.

The impact: The service industry is one that has steadily grown in the U.S. and the money spent during holiday weekends can be a strong indicator of a thriving economy, per McKinsey.

  • About 9 out of 10 new jobs are projected to be added in the service-providing sector including leisure and hospitality, retail, hotels and recreation, from 2016 to 2026, according to the Bureau of Labor Statistics.

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Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

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9 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.

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