News broke Wednesday afternoon that the Trump Administration is readying aid for closing restaurants in various forms. ArrowStream economists ran analysis on the “Leisure and Hospitality” category, which includes restaurants, and advise that a government bailout would make sense.
“Obviously, this makes sense on several levels – first and foremost humanitarian. But make no mistake, economically it makes complete sense as well. The “Leisure and Hospitality” category is the fifth largest employer in the U.S., accounting for more than 11 percent of all non-farm payroll jobs in the U.S. And as the chart shows, it’s growing.”
“You know what else is growing? The percent of retail sales that went to “Food Service and Drinking Establishments” reaching a record high percentage in recent months. Additionally, it’s worth noting that this category accounts for roughly 4 percent of the U.S. annual GDP.”
COVID-19 Resource Center for Foodservice
ArrowStream’s sole priority as a leader and partner in this space has been, and continues to be, providing our customers and network with the tools, data and resources to help professionals prepare, stay updated and make necessary business decisions.
As we look to answering questions short-term and planning for long-term recovery, we encourage all to visit our Resource Center.