International inbound travel to the U.S. grew 3.8 percent in November over the previous year, according to the U.S. Travel Association’s Travel Trends Index. Still, USTA’s Leading Travel Index projects growth in that category to slow to around 1 percent growth through May 2019.

INTERNATIONAL TRAVEL TO the U.S. continued to grow in November, but the U.S. Travel Association still warns that the next months will see a deceleration in that growth. Also, economic concerns may slow domestic travel as well.

USTA’s Travel Trends Index showed travel to and within the U.S. overall grow 3 percent in November over the previous year, the 107th consecutive month of, and international inbound traffic grew 3.8 percent. That beat October’s 2.4 percent growth for international travel, but the association still predicts growth for that category to shrink to 1 percent through May.

“A number of factors—notably rising trade tensions, softening global growth and the increase in the value of the dollar against other currencies throughout 2018—have the potential to dampen international inbound travel in the near-term,” said USTA Senior Vice President for Research David Huether.

This slowdown will also curtail efforts to improve the U.S. share of the international travel market, said USTA. Meanwhile, domestic travel also grew 3 percent in November, including business and leisure travel, but that category’s growth is expected to slow to 2.4 percent by May.

Business travel will lead the way initially, but USTA said that may not last long. The stock market’s recent volatility could tap the brakes on an otherwise strong investment trend.