National Economic Trends [May 08, 2008]
Gas Prices Hit a Record High of $3.61
The nationwide average retail price for a gallon of regular gasoline hit a record high of $3.61 on May 5, according to figures from the Energy Information Administration. This marked a 32-cent increase in the last five weeks, and represented the fifth consecutive week in which gas prices hit a record high. Gas prices are expected to remain strong during the upcoming summer driving season, with the Energy Information Administration projecting pump prices this summer to rise about 73 cents – or 25 percent – above the average during last summer’s driving season. It remains to be seen whether or not households are able to absorb these additional costs... More »
Restaurant Employment Trends [May 08, 2008]
Eating and Drinking Places Added 18,000 Jobs in April; 19th Consecutive Monthly Gain
In contrast to the trends in the overall economy, the restaurant industry continued to add jobs at a steady pace in April, according to preliminary figures from the Bureau of Labor Statistics. Eating and drinking places – the primary component of the restaurant industry which accounts for roughly three-fourths of the total restaurant and foodservice workforce – added 18,000 jobs in April on a seasonally-adjusted basis, their 19th consecutive monthly gain... More »
Restaurant Performance Index [May 08, 2008]
Restaurant Operators Reported a Net Decline in Same-Store Sales in March
Restaurant operators reported negative same-store sales in March for the fourth time in the last five months, according to the National Restaurant Association’s Restaurant Industry Tracking Survey. Twenty-eight percent of restaurant operators reported a same-store sales gain between March 2007 and March 2008, down from 44 percent who reported a sales gain in February... More »
Restaurant Performance Index [May 08, 2008]
Restaurant Operators in Each of the Four Regions Reported Sales Declines in March
Restaurant operators in each of the four regions reported a net negative same-store sales performance in March. Thirty-nine percent of restaurant operators from the South reported a same-store sales gain in March, while 44 percent reported a decline... More »
Restaurant Performance Index [May 08, 2008]
Restaurant Operators Cut Plans for Capital Spending in the Months Ahead
Restaurant operators continued to report relatively soft capital spending activity. Forty-one percent of operators said they made a capital expenditure for equipment, expansion or remodeling during the last three months, up slightly from 40 percent who reported similarly last month... More »
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