Dec-Jan slowdown erased, at highest since July
I first wrote about the Restaurant Performance Index after the December reading plunged. It was one of the sharpest drops in the little-known index's history.
The good news is that it bounced back in the latest reading, released today.
The extra day in February might have skewed the results.
"The same-store sales and customer traffic indicators registered strong gains in February, as most restaurant operators were open for an extra day of business during the month," the release said.
Virtually no one follows this indicator but, in theory, it should be a great barometer of the economy. Eating at a restaurant is one of the most economically sensitive decisions.
Another interesting caveat is the inflation component of the survey. They say menu prices are up 2.7% ytd compared to a 0.4% fall in grocery prices.
