Sales at bars and restaurants increased 1.6% in October, rising for the eighth time in the past nine months. Restaurant sales are up 14% in the past year, almost twice the 7.7% increase in inflation over the same span.
One of the first things Americans do when the economy falls into a funk is to eat out less and cook at home more. But that’s not what they’re doing right now.
Restaurant sales are up 14% in the past year, almost twice the 7.7% increase in inflation over the same span. And many large restaurant chains are reporting strong results. When higher borrowing costs cause the economy to slow, consumers typically cut back on spending. Businesses then usually lower prices to try to drum up sales and also resort to more layoffs, since they don’t need as many workers when demand is lower.
If Americans keep spending, economists say, that could help prevent the economy from slipping into recession. Rising sales enable companies to avoid layoffs and keep the growth engine going.
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