Now Hiring: Restaurants to the Rescue
As the markets continue to focus on today's monthly non-farm payrolls numbers, a breakdown of the data show that hiring has been strong within the restaurant industry.
In September 114,000 jobs were added on a net basis across the country, of those 15,700 were in the restaurant industry which accounted for nearly 14% of all the jobs added.
The restaurant industry was ranked second in September's job creation. In August, restaurants held the number one position, as 28,300 jobs were in the food services group, accounting for more than a quarter of the jobs added that period.
Restaurant hiring can be correlated to industry growth says Hudson Riehle, Senior Vice President of the Research and Knowledge Group for the National Restaurant Association.
"Restaurant sales this year are expected to reach 632 billion dollars this year, that's up 3.5% from last year - and while it's more modest growth than we've seen over the last decade, the increases are keeping up with consumer demand," Riehle said.
(Read More: What the Jobs Report Really Says About the Economy)
At the same time restaurant industry employment levels are up by 3% this year - and the employment is across the board within the industry in terms of positions and segments - so it's not just servers, for example, but includes corporate positions and jobs at management level too.
Riehle also notes that the restaurant industry is the second largest private sector employer - it employs 13 million individuals - so almost one of every ten people works in the restaurant sector.
Is restaurant hiring a silver lining in the jobs market? It may be too soon to call it a trend aiding the recovery, but it's definitely worth watching as the US economy slowly rebounds.
Sector Watch - Restaurants
- McDonald's Corp.
- The Wendy's Company
- Pizza Inn Holdings, Inc.
- Papa John's International Inc.
- Domino's Pizza, Inc.
- Yum! Brands, Inc.
- Darden Restaurants, Inc.
- Starbucks Corporation
- Brinker International, Inc.
- Red Robin Gourmet Burgers Inc
- Dunkin' Brands Group Inc.
- Chipotle Mexican Grill, Inc.
- Ruth's Hospitality Group Inc.