Surprise! Maybe it's not the economy, stupid
In the absence of Owl Meat, economics blogger Jay Hancock has stepped up to the plate with some surprising statistics about restaurants and the economy.
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Mr. Hancock's graph deals with the industry as a whole, while I'm assuming most of the closings being noted in D@L are individual (and likely higher-end) restaurants.
My intuition tells me that for every upscale place closing down due to a decrease in business, a couple of McDonald's, et al, are opening up; thus the increase in the restaurant and food service labor force.
The fact that eating out consumes discretionary dollars doesn't necessarily mean people stop eating out in tough times. They can also shift their eating out to less expensive venues, all the way down the chain (no pun intended) to fast food joints. This would reconcile the apparently contradictory high number closings with an incease in the food service labor force.
I have no data. Just thinking out loud...
Posted by: Bucky | August 5, 2008 2:58 PM
{Sigh} I miss Owl Meat.
Not to worry. I've heard from him, and he'll be back soon. EL
Posted by: Eve | August 5, 2008 3:13 PM
I tend to agree with Bucky. I have a feeling that the majority of the data from Mr. Hancock concerns our beloved chains of the family-oriented ilk.
Interestingly, I saw a few news reports about the "need" for restaurants to cut back because of the economy. Of course, one report centered on McDonald's. It seems that its most popular dollar menu item is the double cheeseburger. Some franchise owners are cutting back to one slice of cheese while others are raising the price to $1.19, thus banning it from the dollar menu.
November 4th cannot get here soon enought.
Posted by: Piano Rob | August 5, 2008 3:45 PM
Please make Owl Meat clear up that crazy happy banana thing when he returns.
Posted by: Dahlink | August 5, 2008 5:17 PM
Nov 4th?
I know Obama and McCain are promising alot of things, but I've yet to hear a pledge to keep the Double Cheeseburger on the dollar menu.
Posted by: Robert of Cross Keys | August 5, 2008 6:27 PM
I should run by Chicken Rico soon, and see if it is still crowded. They've got one of the best bang for the buck dinners there, I'd think they'd be jam packed.
Posted by: Lissa | August 5, 2008 7:00 PM
Once again, I put forth my theory that when the economy dives, the poor get plumper. Dollar McMeals, huge boxes of mac and cheese, instant spuds, fish sticks, franks and beans... Even my beloved raman noodles - good on the purse strings, bad for the waistline.
And, yes, it would be nice if Owl cleared up the banana thing.
Posted by: Joyce W. | August 5, 2008 7:29 PM
Pledge to keep the Double Cheeseburger on the dollar menu. Leave it to RoCK to pinpoint the really important issues. A drink & and a double cheeseburger: $2.12. The perfectly priced meal to go. Drive & eat: real multi-tasking.
Posted by: Robert (the Single One) | August 5, 2008 7:58 PM
Dahlink - you are right, we need the crazy happy banana thing. I just want to see it again. With the hoola hoop.
Lissa - Chicken Rico is still hopping. I don't think it's the kind of place that will suffer in this economy. It's great food at a great price, and has a lot of locals patronizing. Too bad the TVs are so ridiculously loud. I'd go there more often for lunch if I didn't always leave with a headache.
Posted by: Bourbon Girl | August 5, 2008 8:04 PM
Joyce W wrote: "Once again, I put forth my theory that when the economy dives, the poor get plumper"
I remember the days when I had only a couple dollars for lunch, and some crappy high fat high cholesterol meal from McDonalds was all I could get for two bucks that would be filling enough to get me through the day. Downtown, you can't get a healthy and filling meal for two bucks, which is why I think Joyce is right a lot of folks might balloon out, which is sad.
If you want a relatively healthy (and excellent) sandwich from Java Joe's on Baltimore Street, with chips and a drink, it will cost at least $8. Most people can't afford that. So they have to eat crappy food and get fat.
Posted by: LJ | August 5, 2008 8:13 PM
Joyce W wrote: "Once again, I put forth my theory that when the economy dives, the poor get plumper."
The rich get richer and the poor get children.
Posted by: bra1nchild | August 5, 2008 11:28 PM
Wow, nostalgia over a $1.00 double cheeseburger! Some of us of a certain age can recall the McDonald's advertising campaign of the late 1960s or early 1970s, promoting the fact that you could show up with $1.00, get a burger plus fries and drink, AND get change back.
Posted by: hmpstd | August 6, 2008 6:08 AM
I remember this.
Posted by: Bucky | August 6, 2008 8:35 AM
For those who might still doubt we are in a recession, see Jay Hancock's column in today's Sun.
More economic news: Whole Foods is suffering and will cut back on store openings this year. "The results mark the latest sign that the sagging economy is causing even consumers in higher income brackets to pare spending," comments the Wall Street Journal.
And for those who hope the presidential election would restore the economy, dream on -- no matter who wins.
Posted by: Federal Hill Jim | August 6, 2008 11:46 AM
Bucky--I remember that menu, too. That dates us, for sure.
Posted by: Dahlink | August 6, 2008 12:32 PM
I've been meaning to ask, and this topic reminds me--what happened to the Marginal Foodie blog?
Posted by: Dahlink | August 6, 2008 12:33 PM
Dahlink...it does for sure, but that's ok. I live by the creed, "Growing old is mandatory; growing up is optional."
Hey, that's MY creed. EL
Posted by: Bucky | August 6, 2008 2:06 PM
Dahlink, I live by EL's creed...
Here's a sign you are getting old...
I'm getting a haircut today and the...I'm guessing...early 20-something hair cut girl says, "So, you have a busy day today?"
"Nah," I reply. "Easy day, but we are going to Red Rocks tonight."
"Oh yeah? Who are you going to see?" she asks.
"James Taylor," I answer.
(A moment of contemplative silence...)
Then she observes, "He must be someone new. I've never heard of him."
Posted by: Bucky | August 6, 2008 5:59 PM
On Project Runway tonight, Blayne was designing something that Tim Gunn said was like Sgt. Pepper. Blayne didn't know what Tim Gunn was talking about. Talk about a sign that you are getting old!
Tim Gunn then had to explain what Sgt. Pepper was. At least Blayne had heard of the Beatles. Tim Gunn was disgusted.
It was funny
Posted by: Susan WNAJ | August 6, 2008 10:42 PM
20+ years ago, I was talking about music with a young person and mentioned Paul McCartney. He said, "oh, he's with Wings isn't he"? I'v felt that disgust, Susan WNAJ.
Posted by: Joyce W. | August 7, 2008 8:52 AM
Susan WNAJ - that's amazing. I can, actually, see how someone not know who James taylor is, but not know St. Pepper's? The greatest rock album of all time?
Posted by: Bucky | August 7, 2008 9:35 AM