OpenTable tracks restaurant data and is an excellent real-time recession indicator. Year-over-year data on a nationwide basis in the U.S. is now running 84% lower as of Tuesday.
The restaurant industry is a very large part of our service sector, which in total accounts for over two-thirds of US GDP. This falloff of 84% and heading lower goes beyond just a recession warning, and is flashing outright ECONOMIC DEPRESSION.
These job losses are sure to begin showing up in initial unemployment claims, which should hit as early as tomorrow with a huge rise, and on April 3rd with the non-farm payrolls, U-3 and U-6 unemployment rates.
Recession Indicator Restaurants Hitting Great Depression Levels
Bill McBride over at Calculated Risk breaks it down:
There are some sectors that will be hit hard over the next several months: hotels, airlines, restaurants, movie theaters, sporting events, and convention centers. People will probably avoid these places as part of social distancing.
Thanks to OpenTable for providing this restaurant data…
As of March 17th, 13 states and D.C. were off 100%, Soon it will be all states…