The Consumables Show
We are hosting our weekly Consumables Show today, September 5th @ 12 PM ET.
EVENT DETAILS:
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Every Monday at 12 PM ET (but this week Tuesday), our Consumables Team will be hosting a live event where we will go through Timely and Topical events/data that have occurred in our respective industries and preview the week to come. We hope you can grab your lunch and join us as we break down the Restaurant, Consumer Staples, and Cannabis space.
We will explore a number of topics, including recent position monitor changes, top questions from client meetings, most frequent inbounds, pushback on our most recent calls, and updates on some of our best ideas.
Employment
- The restaurant industry saw a growth in its workforce in August, adding a total of 14,900 jobs.
- This growth rate is consistent with the average hiring trend observed from April to July, during which about 15,000 jobs were added each month.
- Recent data from the BLS's JOLTS survey points towards changing dynamics in the hospitality sector's labor market. While job openings remain high historically, the total number of hires and separations has reverted to pre-pandemic levels but are down 21% YoY and 12% over 2-years.
- As of the end of July, the restaurants and accommodations sector reported almost 1.1 million job openings. This marked the 28th consecutive month with over 1 million openings but is lower than the peaks observed in 2021 and 2022. It's also higher than the 2019 monthly average of 875,000 job openings.
- Hiring trends have been on the decline recently. In July 2023, the sector hired 836,000 individuals, the lowest since January 2021 and below the 2019 monthly average of 954,000 hires.
- Restaurant operators are witnessing a decline in employee attrition rates, which a positive for labor costs trends. The Bureau of Labor Statistics (BLS) reports that in July, only 3.9% of employees in the restaurants and accommodations sector resigned. This is significantly lower than the 5.8% average monthly quit rate observed during 2021 and 2022 and also below the 2019 monthly average of 4.9%.
