Sales growth in US family-dining segment signals better financial times among middle-class families, industry officials say
May 28, 2014
(Industry Intelligence Inc.)
– According to consultant Malcolm Knapp, sales in the family-dining segment are expected to grow in the second half of the year, meaning the middle-class families--households earning between US$40,000 to $75,000 per year--are experiencing better economic times, CBS MoneyWatch reported May 26..
While this may be good signs for the full-service restaurants, American workers have not yet seen a significant wage increase. According to the Bureau of Labor Statistics, the average hourly earnings stood at $24.31 per hour in April, an increase of less than 2% from the year before.
Overall, with Americans going out to eat more, the restaurant industry experienced a 2% rise in sales in the spring, said Larry Miller, founder of MillerPulse.com.
The primary source of this article is CBS MoneyWatch, New York, New York, on May 26, 2014. Click here to read the primary source's full version of the article.