We have news regarding job growth in the restaurant industry! Although job growth was a little shaky during the first half of 2015, both the restaurant industry and the overall economy are on track to see an improvement over their 2014 employment gains.
The Overall Job Growth Rate is Better Than Its Been Seen Since the End of the 20th Century
Job growth for the overall economy came in close to expectations by adding approximately 220,000 jobs in June; this after mixed results during the first five months of the year. Based on this growth, it can be deduced that the overall economy is on track to improve on its 2014 employment gains. In fact, total U.S. employment was up 2.2 percent on a year-to-date basis through June. This is an increase from the 1.9 percent gain that was posted in 2014. If the current trend holds steady, this growth would represent the nation’s strongest annual employment growth in 16 years.
Restaurant Industry Job Growth is Outpacing the Overall Economy
Eating and drinking places will probably see an impressive fourth consecutive year of growth that tops 3.5 percent; this is based on information from the NRA’s chief economist Bruce Grindy.
In the first half of 2015, job growth in the restaurant industry saw several of its major segments registering strong gains. For example:
- Snack and nonalcoholic beverage bars (this includes donut, coffee, and ice cream shops) were the leading sectors of the economy and saw an impressive 6.4 percent employment gain
- Quick service restaurants saw a 3.8% increase
- Table service restaurants saw a 3.5% increase
The Bottom Line
If you are looking for a job, the restaurant industry is the place to be. As you can see, preliminary figures from the Bureau of Labor Statistics (BLS) show that employment opportunities in the restaurant industry job growth grew rapidly. This information represents the 16th consecutive year where job growth in the restaurant industry beat the rate of the overall economy.