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economy

Financing

Restaurants continued to add more jobs last month

The industry added 186,000 jobs in May as it continues to recover from the pandemic but remains far off early 2020 levels.

Financing

Restaurant sales fully recovered in April

The industry’s sales during the month were better than they were in 2019 as stimulus-fueled customers decided to eat out more often.

The industry added 187,000 workers in April as sales soared, but the overall economy added a fraction of what many economists expected.

Industry sales surged 36% year-over-year, nearly hitting 2019 levels as consumers spent their stimulus checks at any restaurant that was open.

Three out of every four jobs created last month were at a restaurant as stimulus payments and dining room reopenings put some life back into the industry.

With cases going down and vaccines ramping up, many believe that the end of the era of quarantines is near, says RB’s The Bottom Line.

The industry shed 19,400 jobs during the month even as sales improved, though the rate of employment decline is shrinking.

McDonald’s CEO Chris Kempczinski notes that economic concern will remain, especially after the stimulus rolls off, says RB’s The Bottom Line.

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

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

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