economy

Financing

Why the post-pandemic era could be ‘the Roaring ’20s’ for restaurants

After a tough pandemic, the industry could face a strong decade as consumers return and companies build new locations.

Workforce

Restaurants lost 372,000 jobs last month

The industry now employs 9.8 million people as restaurants shut services due to coronavirus restrictions.

The industry lost 17,400 jobs in November, the first decline since April.

But the industry remains more than 2 million jobs short of where it was before the pandemic.

The economy is headed in two directions, with some sectors recovering and others not. The same is true for restaurants, says RB’s The Bottom Line.

The RB podcast “A Deeper Dive” features economist Joel Naroff discussing what is necessary for the economy to fully recover, and how that will affect restaurant sales.

The industry added about 1.5 million new jobs last month but remain far off pre-pandemic levels.

Federal stimulus dollars and unexpected sales gains helped the industry bring back laid off workers.

Reopened neighborhood restaurants are attracting locals, but hotel and casino spots rely on tourism and conventions.

Companies from distributors to point-of-sale providers have faced their own challenges as restaurant sales crater.

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