Our three key Major Avenue Well being Metrics proceed to point out a optimistic development in comparison with January of 2022. Certainly, Major Avenue Well being is stronger right this moment than it was at the beginning of the yr. The speed of (optimistic) change has, nevertheless, leveled off elevating questions in regards to the trajectory for the rest of the yr.
The general nationwide traits in our key metrics, nevertheless, obscure variations throughout areas and states. Important month-over-month declines have been registered in states adversely affected by extreme climate. Extra modest declines have been evident in elements of the West, Southwest, and Rocky Mountains. In contrast, New England and the mid-Atlantic areas rebounded from mid-March.
Per outcomes from our March report—in addition to macroeconomic and firm-specific earnings reviews—hours labored by staff elevated in leisure, meals & drink, and hospitality. Estimates for hospitality (+6.8%) and leisure (+7.4%) confirmed notable power as customers sought social and leisure experiences.
Common (nominal) hourly wages have elevated roughly 10% because the starting of 2021. Nevertheless, the speed at which wages have elevated has leveled off. Wage will increase in leisure and hospitality stay extra variable with a bias to the upside.