MCD TRaffic
According to Placer.ai, MCD visits have accelerated recently, easily beating the broader restaurant industry and other QSRs. In 2Q, MCD visits rose 20.8% YoY in 2Q22 but have decelerated to 6% 3Q22 thru 9/26. After bottoming at +2.8% for the week of 9/12, sales accelerated to 6.49% for the week of 9/26. Casual Dining is seeing a noticeable deceleration in sales in September, with Florida being down 20% for the week of 9/26.
JOLTS continue to fall
Aug was down -20%, with the date starting to look like 2008/09.
GIG Workers
Department of Labor releases proposed rule that would make gig workers be classified as employees NY Times
According to the NYT, the DOL released a proposed rule that would effectively make it more likely that so-called "gig workers" would be classified as full employees rather than independent contractors. According to the report, the proposed rule is basically a test that the DOL would utilize to determine whether workers were independent contractors or full-time employees based on factors such as the level of control workers have over how they perform their jobs and the potential they have to increase their earnings, and would effectively lower the bar at which workers would be classified as employees relative to the current rule that had been implemented under the Trump administration.
