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September 1, 2011

Did the debt crisis keep folks from eating out?

The Restaurant Performance Index, as measured by a big restaurant trade group, fell below 100 in July, which basically means shrinkage in restaurant commerce. The group's economist suggests that uncertainty over the debt negotiations could have kept people from eating out.
“Although same-store sales and customer traffic levels remained positive in July, restaurant operators’ outlook for the economy took a pessimistic turn,” said Hudson Riehle, senior vice president of the Research and Knowledge Group for the Association. “This survey month was burdened with the debt ceiling crisis and the downgrade in the nation’s credit rating, which added an additional layer of uncertainty in an already fragile economic recovery.”
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Posted by Jay Hancock at 8:27 AM | | Comments (0)
        

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About Jay Hancock
Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer. Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His columns appear Tuesdays and Sundays.
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