Economic News
2022 State of the Restaurant Industry Report Predicts Continued Challenges
The National Restaurant Association released its 2022 State of the Restaurant Industry report that looks at how the industry has been affected by pandemic-related changes and offers insights on where it’s headed.
Sales Fared Well for Full-Service Restaurants in 2021, Though Profit Margins Shrunk
While 74% of restaurants surveyed reported they maintained or increased sales in 2021, profit margins shrunk to 10%, compared to 12% in 2019, due to the increasing costs of running a restaurant.
Foodservice Industry Performance Drops for the Third Month
Technomic released its December TIndex, and it showed the performance of the industry has been on a continued decline since September.
Biggest Impact From Omicron Expected To Be on Staffing
Fitch Ratings expects the omicron variant to impact labor above all as the industry continues to grapple with staffing challenges.
December Restaurant Sales Surpass 2019 Levels
While December sales eclipsed 2019 levels, the month saw a steep decline in traffic and the biggest average check growth rate in over a decade.
MAFSI Barometer Shows ‘Continued Strong Recovery’ in Q3
MAFSI’s latest “Foodservice Business Barometer Report” indicates the industry is continuing to improve, as third-quarter sales rose 15.4% compared to the third quarter of 2020 when sales fell 24.4%.
Foodservice Had the Highest Quit Rate in November But Managed To Net Employees
Nearly 7% of accommodation and foodservice workers—or 920,000—quit their jobs in November, far surpassing any other industry, according to the Bureau of Labor Statistics.
FEDA Urges Congress To End Build Back Better Effort
FEDA joined other trade groups in signing a letter urging congressional leaders to end efforts to pass the multi-trillion-dollar Build Back Better package and instead focus on addressing inflation, labor shortages and supply chain constraints.
Study Says More Diners Are Willing To Eat Out Despite Heightened Omicron Concern
While heightened concern for the omicron variant is adding new requirements for dine-in restaurant customers in certain areas, consumers overall may not be as nervous about dining in as they once were, according to a recent study by Datassential.
Breakfast, Lunch Business Picks Up As More Return to School, Work, Activities
The NPD Group says traffic is picking up for breakfast, morning snack and lunch dayparts as more people are leaving their homes for school, work and activities.
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