Foodservice Economic Update: Jobs, Gas And Consumer Confidence
Much of the recent macroeconomic news that affects foodservice and foodservice equipment and supplies has been positive.
- After a lull in March and April, jobs growth picked up again in May, according to figures released June 5 by the U.S. Bureau of Labor Statistics. The U.S. economy added 280,000 non-farm payroll jobs in May, and the gains for March and April were revised 32,000 higher. One interesting aspect of recent jobs growth: Growth in foodservice employment has been relatively flat for three consecutive months.
- One major measure of consumer confidence retreated in May while the other rose. The University of Michigan Consumer Sentiment Index fell to 90.7 in the final May reading, down from 95.9 in April. The Conference Board’s Consumer Confidence Index rose to 95.4 in May from 94.3 in April. Despite the fallback in the UM index, the average Sentiment Index during the first five months of 2015, 94.6, is higher than any other time since 2004.
- While gasoline prices edged higher again last week—to an average $2.751 as of June 7—and are up 10 cents from a month ago, AAA believes prices may already have reached their summer seasonal peak. And prices remain nearly 90 cents lower than at this time last year.