![]() ![]() Thanks to the Internet you can take an entire culinary course just by searching for a meal recipe.❗ Remove all MODS and Custom Content before updating your game ❗ Heck, one of the early reasons why people might want a home computer was to have a recipe database. And both meals weren’t as good as what I could make myself at home. With the flattening of labor costs due to Obamacare and other non-paycheck compensation it’s no wonder people don’t eat out anymore. Seems to me the cost of running a restaurant these days is skyrocketing labor, not food. Oh I know I could spend a lot more in Aspen but the Red Onion isn’t exactly a “locals’ discount” restaurant either. Grand Junction ain’t Aspen, and I got more food on my plate, but the prices are fairly close to the same. Yesterday I went to dinner at an Asian restaurant in Grand Junction. She got appetizer tacos, I got a salmon steak with poorly prepared vegetables. Last week I took a nice young woman to lunch at the Red Onion in Aspen. The spending projection trends are very clear.Īnd what if there is a recession? Everyone acts as if the odds are zero. The Fed ignores its own survey which shows Household Spending Projections Continue to Slide. Here’s the final kicker: The Fed relies on Consumer Confidence (Conference Board) and Consumer Sentiment (University of Michigan) surveys to predict consumer sales. Savings Rate Sinks: Personal Savings Rate: What’s Going On? Can Spending Drive the Economy.Bill Paying Ability: Stock Ownership Rate Plunges as Credit Card Debt Soars.Wage Growth: Acceleration in Wage Growth is a Statistical Mirage.If the stock market declines the wealth effect will go negative across the board, especially upscale and business spending.The wage increase was far less than most believe and in fact may be a statistical mirage. ![]() ![]() People need a wage increase just to maintain current levels of spending. ![]() I believe Naroff has things wrong for many reasons. We can directly compare the January restaurant numbers to those of TDn2K when the Census Bureau releases the January numbers on February 14. The lead-in Census Bureau chart from Fred shows year-over-year sale, not seasonally adjusted. Business-related dining contributed to the climb in fine dining. One bright spot in the January numbers was a positive performance for fine dining and upscale casual, the two segments that have outperformed for the last year. “Stronger growth in the 3% range looks likely this year and into 2019 as consumers spend the extra money in their paychecks and businesses increase their capital spending,” he said. Joel Naroff, president of Naroff Economic Advisors and economist at TDn2K, said tax cuts should start to boost restaurant attendance soon. The data are based on TDn2K’s tracking of weekly sales from more than 30,000 restaurant units, representing more than 170 brands and $68 billion in annual revenue. That’s bad news for a sector that was mired in recession until late last year, as consumers confronted higher prices for everything from rent to medical bills. MarketWatch reports Restaurant Sales Fall in January as Tax Overhaul Fails to Boost Spending.Īfter three months of flat or positive sales growth, the restaurant sector saw same-store sales fall 0.3% in January, according to data from industry tracker TDn2K. ![]()
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