Job growth is on pace to represent the nation’s strongest gain since 1999.
As the economy seems to be on the rise once more, the country is experiencing an increase in job growth over the first half of the year. The rate of increase is currently up slightly from 2014, and there is hope that the job creation continues to accelerate.
The National Restaurant Association’s Chief Economist Bruce Grindy broke down the latest employment trends from today’s Department of Labor jobs report:
“Restaurant industry job growth accelerated in June, according to preliminary figures from the Bureau of Labor Statistics (BLS). Eating and drinking places added a net 29,900 jobs in June on a seasonally-adjusted basis, the strongest monthly gain since February.
“Meanwhile, job growth in the overall economy came in close to expectations in June. The economy added a net 223,000 jobs in June, which followed mixed results during the first five months of the year.
“Although growth was somewhat choppy during the first half of the year, both the restaurant industry and overall economy are on pace to improve on their 2014 employment gains. Total U.S. employment was up 2.2% on a year-to-date basis through June, up slightly from the 1.9% gain posted in 2014. If the current trend holds, it would represent the nation’s strongest annual employment gain since 1999.
“For eating and drinking places, the 3.7% year-to-date growth puts the restaurant industry on track to register its fourth consecutive year with job growth of at least 3.5%. In addition, it would represent the 16th consecutive year in which restaurant industry job growth outpaced the overall economy.
“Job growth within the restaurant industry was broad-based in the first half of 2015, with several of the major segments registering strong gains. Snack and nonalcoholic beverage bars – including coffee, donut and ice cream shops – were among the leading sectors of the economy with a robust 6.4% employment gain on a year-to-date basis through May (segment figures are one month lagged). Quickservice restaurants (3.8%) and tableservice restaurants (3.5%) also added jobs at rates well above the overall economy during the first five months of the year.”
