Food as a Leading Economic Indicator

<a href="http://www.nytimes.com/2003/12/10/business/10FOOD.html?ei=5007&amp;en=e2e72041650fe5e0&amp;ex=1386392400&amp;partner=USERLAND&amp;pagewanted=all&amp;position=">Restaurant Hiring May Lead the Way to Wider Job Gains</a>: &ldquo;Since the beginning of August, the restaurant business, which includes everything from McDonald&rsquo;s to corner bars to four-star restaurants, has accounted for 18 percent of the 300,000 jobs created in the nation&hellip;



&ldquo;The restaurant business, which has about $420 billion in annual sales in the United States, accounts for 6.6 percent of economic activity and has 11.7 million workers, according to the National Restaurant Association. When consumers are willing to spend more freely, the business tends to benefit directly. &lsquo;Dining out is generally considered a discretionary item,&rsquo; said Richard D. Rippe, the chief economist at Prudential Securities. &lsquo;As income rises, there&rsquo;s more willingness to do that. Now, as we begin to get a little better employment cyclically and as consumer confidence gradually improves, I think that would be a plus as well.&rsquo;&rdquo;