Restaurant industry adds 173K in first six months of 2014
Last week’s jobs report from the Bureau of Labor Statistics showed the national economy adding a net 288,000 jobs in June on a seasonally-adjusted basis. This marked the fifth consecutive month with gains of at least 200K.
The positive report set off a ripple effect throughout the country, pushing the Dow Jones beyond 17,000 for the first time. The National Restaurant Association's Chief Economist Bruce Grindy said the national economy’s addition of nearly 1.4 million jobs during the first half of 2014 is the strongest six-month performance in more than eight years.
"Restaurants continued to be among the leaders in job growth, with the industry adding a net 32,800 jobs in June and more than 173,000 jobs during the first six months of the year. Overall, restaurant employment was up 3.1 percent on a year-to-date basis through June 2014, nearly double the 1.7 percent gain in total U.S. employment," Grindy said in a news release.
On a year-to-date basis through May 2014, quick-service restaurants added jobs at a 4.0 percent rate. This puts the quick-service segment on pace to post job growth of at least 4 percent for the third consecutive year, Grindy said.
"The full-service segment added jobs at a 2.9 percent rate through the first five months of 2014. While this is down somewhat from the consecutive 3.4 percent gains registered in 2012 and 2013, full-service employment gains remain well above job growth in the overall economy," he added.
The snack and beverage segment, which includes coffee, donuts and ice cream shops, added jobs at a rate of 6.1 percent year-to-date.
"If this trend continues, it would represent this segment's strongest growth since 2007, as well as the third consecutive year with employment gains above 5 percent," Grindy said. "Look for these positive growth trends to continue through the remainder of the year, as the restaurant industry continues to benefit from an improving economy and stronger consumer sentiment."