National Restaurant Association’s Post

Despite a minor 0.2% decrease in September, the Restaurant Performance Index showcases the industry's resilience and adaptability in the ever-changing business landscape. While restaurant operators remain hopeful about future sales, they are decidedly less optimistic about upcoming economic conditions. To learn more about the challenges that may persist, watch the September Restaurant Performance Index with Hudson Riehle, SVP of our Research & Knowledge Group. ⤵️

In February, restaurant employment rebounded, showing a net gain of 41,600 jobs, the strongest surge since January 2023! This growth shows how strong the restaurant industry is, proving its ability to bounce back from challenges. Industry employment remains above pre-pandemic levels, suggesting ongoing expansion. 📈 Learn more in our February jobs report: https://bit.ly/3PbHFiZ

Restaurants expanded payrolls in February and the recent downward trends in both job openings and the quit rate suggest that the industry’s labor market may be normalizing. Insights in the February jobs report from the National Restaurant Association:

The Restaurant Performance Index showed positive momentum in June, reaching 100.2 as restaurant operators expressed growing optimism about the future business landscape. 🙌 Researchers indicated a brightening outlook about sales growth as operators remain hopeful despite being cautious about the overall economy. Watch the June Restaurant Performance Index with Hudson Riehle, SVP of our Research & Knowledge Group to learn more!

In case you missed it - the U.S Bureau of Labor Statistics released its monthly report, sharing that May was yet another record month in a string of three years of persistent job creation and growth (https://lnkd.in/gwP22yw3). Despite fears of a post-pandemic recession, the past few years have seen steady and expectation-busting growth not only in job growth nationwide but in wage growth outpacing inflation. We should never take good economic times for granted, but the period many feared would be economically catstrophic post-COVID has seen the best economic growth and increases in wages since the mid 90s. Let’s hope these good times continue to roll both for the restaurant industry and the world alike!

Based on the insightful article from June’s #ExecutiveConnection, it's evident that the restaurant industry is showing signs of recovery and growth. With over 24k #jobs added in May alone, the sector is gearing up for a busy summer season. Despite challenges, restaurants are steadily increasing their employment levels. Read more in our monthly newsletter and delve deeper into the analysis by the Association's economists. #RestaurantIndustry #JobGrowth National Restaurant Association https://lnkd.in/gjzzASdu

You’ve encapsulated a crucial sentiment within the restaurant industry. Operators who hold strong amidst shifts and challenges indeed form the backbone of the industry. It’s essential to acknowledge their dedication and value the immense effort they contribute, especially during trying times like generational shifts or global pandemics. Ensuring fair compensation and appreciation for their unwavering commitment is pivotal for the industry’s resilience and growth. Those who weather storms and remain steadfast deserve recognition and support to keep thriving.

The Restaurant Performance Index saw a promising increase of 1.2% in July, marking the second consecutive monthly increase and reaching its highest level since March! 🙌 This growth was driven by improved same-store sales and a notably optimistic outlook for future sales, reflecting a positive trend upward for the restaurant industry. For more insight, watch the July Restaurant Performance Index with Hudson Riehle, SVP of our Research & Knowledge Group. ⤵️

"Overall restaurant employment surpassed pre-pandemic readings, but the industry’s workforce expansion likely has more room to run in 2024. " When asked in November 2023, 88% of operators said they are likely hire additional employees during the next 6-12 months if there are qualified applicants available. Sixty-two percent of operators said they would be ‘very likely’ to expand payrolls, which illustrates the strength of the demand for labor. Read more from the National Restaurant Association

What #strategies have market players adopted to maintain their position in the catering and food service contract market? In response to evolving #consumerpreferences and rising disposable incomes, the contract catering service market has witnessed a surge in demand. Market players are focusing on continuous #innovation and offering customizable solutions to meet the growing need for convenient and quality dining experiences. Discover more at: https://lnkd.in/dTUJAJ_K Key Market Players: WSH INVESTMENTS LIMITED., National Catering Services and Food Stuff, Thompson Hospitality, Gulf Catering Company, CATERING HQ, COMPASS GROUP PLC, Comprehensive Support Services PTE. LTD., Australian Camp Services, Fusion Foods and Catering Private Ltd., Algosaibi Services Company Limited, ISS A/S, Neo Group Limited, Conntrak Catering Services., SATS Ltd., Sodexo, The RK Group, Aramark #AMR #CateringInnovation #CustomizableSolutions #ConvenienceInDining #RisingDisposableIncomes #ContractCatering #EventPlanning #MarketTrends #CulinaryOfferings #FoodServiceContracts #BusinessStrategy