Major Road stays resilient. Our three key Major Road Well being Metrics — hours labored, areas open, and staff working — proceed to indicate a optimistic development in comparison with January of 2022, regardless of macroeconomic and geopolitical crosscurrents and adverse reviews from some bellwether corporations.
Major Road Well being Metrics
(Rolling 7-day common; relative to Jan. 2022)
1. Some important dips on account of main U.S. holidays. Pronounced dip in mid-February 2021 coincides with the interval together with the Texas energy disaster and extreme climate within the Midwest. Supply: Homebase knowledge.
Total nationwide traits in our key Major Road Well being metrics masks some variations throughout areas, states and MSAs. For instance, our hours labored metric confirmed some modest month-over-month declines in components of the West, Southwest, and Southeast. In contrast, New England, The Plains, Nice Lakes, and the mid-Atlantic areas proceed to development positively.
P.c change in hours labored
(Mid-Might vs. mid-April utilizing Jan. 2022 baseline)
Observe 1. Might 8-14 vs. April 10-16. Regional averages weighted by inhabitants, based mostly on 2019 estimates from the US Census. Supply: Homebase knowledge
The sample on the MSA-level was largely according to the state-level outcomes, with beneficial properties evident in New York, Hartford, and Minneapolis, amongst others. San Antonio was a Southern standout.
P.c change in hours labored and staff working
(Mid-Might vs. mid-April utilizing January 2022 baseline) 1
1. Might 8-14 vs. April 10-16. Supply: Homebase knowledge
Experiential companies proceed to considerably outperform in contrast with the start of 2022. Shoppers’ shift away from consumption items to experiences is clear in our knowledge. We famous continued momentum within the hospitality and leisure industries, that are up 19.2% and 22.8%, respectively, from January 2022. Retail, alternatively, is trending downwards, as is magnificence & wellness.
P.c change in staff working
(In comparison with January 2022 baseline utilizing 7-day rolling common)
1. Might 8-14 vs. April 10-16 (2022) and Might 12-18 vs. April 7-13 (2019). Pronounced dips usually coincide with main US Holidays.
Nominal common hourly wages are up nearly 10% for the reason that starting of 2021. Nonetheless, there’s some proof that the speed of enhance is leveling off.
P.c change in nominal common hourly wages relative to January 2021 baseline