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economy

Financing

Consumers' return to pre-pandemic dining stalls as lifestyles have shifted

Technomic's Take: Consumers are not just choosing between one restaurant or another. They're often deciding if it's worth leaving the house.

Workforce

Restaurant hiring slowed significantly in October

New federal statistics show that just 6,000 jobs were filled during the month, compared with the more than 60,000 positions that were added in September.

But the giant distributor is cautious given the operating environment and prepared to cut costs in a potential economic downturn.

The burger giant said it is preparing for a wide range of economic scenarios but says it is getting more lower-income consumers.

The industry added 60,000 jobs last month but remains more than 500,000 jobs from its pre-pandemic levels. Wage growth increased, too.

The Bottom Line: Several restaurant chains have indicated challenges with lower-income consumers as inflation has increased. But lower gas prices are making things better.

The Bottom Line: The U.S. Federal Reserve raised interest rates on Wednesday and signaled more to come. The impact of its actions won’t be spread evenly.

The Bottom Line: FedEx's CEO told CNBC that his company’s numbers “don’t portend well” for the economy. More analysts are also predicting a slower holiday spending season.

Prices at restaurants and schools continued rising last month while consumers’ total food costs hit yet another 40-year high.

The Bottom Line: Inflation is no longer just a problem for lower-income households. Middle-class earners have lost spending power and are trading down.

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