This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

National Restaurant Association: Restaurant Job Growth Hits 17-Year High In 2012, Is Third-Largest Job Creator Into 2013

WASHINGTON, Feb. 7, 2013 /PRNewswire-USNewswire/ -- The restaurant industry added jobs at double the rate of the overall economy in 2012, and the National Restaurant Association (NRA) expects this trend to continue in 2013.  Eating and drinking places added jobs at a robust 3.4 percent rate last year, the strongest increase in 17 years, according to NRA's analysis of new figures from the Bureau of Labor Statistics (BLS).  The restaurant industry is the third-largest private-sector job creator since the employment recovery began in March 2010.

The solid restaurant industry job growth in 2012 represented the 13 th consecutive year in which restaurant job growth outpaced the overall economy. Overall, restaurant employment currently stands 441,000 jobs above its high-point before the recession, while the overall economy is still down 3.2 million jobs from the pre-recession peak.

"The sizable disparity in 2012 job growth marked the continuation of a long-term trend," said Bruce Grindy, chief economist for the National Restaurant Association.  "In fact, during the last 13 years, the number of eating-and-drinking-place jobs jumped 25 percent, while total U.S. employment rose by only 4 percent."

The NRA expects restaurants to add jobs at a 2.7 percent rate in 2013, a full percentage-point above the projected 1.7 percent gain in total employment.  Employment gains will continue to be driven by growth in the number of locations, as well as existing restaurants staffing up to meet an improving business environment.

"The projected 2013 gain will represent the 14 th consecutive year in which restaurant industry job growth outpaces the overall economy, and the third consecutive year in which the industry registered job growth in excess of 2.5 percent," Grindy added.  "In comparison, the overall economy hasn't posted job growth above 2.5 percent since 1998."

With the release of the February 1 jobs report, BLS included revisions that gave a clearer picture of employment trends during and after the recession.  Restaurant employment fell 3.9 percent during the recession, while the overall economy lost 6.3 percent of its employment base. 

"The restaurant industry was certainly not immune from the effects of the Great Recession, with job losses in 2009 and 2010 representing just the second and third years on record that the industry cut staffing levels," said Grindy.  "However, the restaurant industry bounced back quickly after the recession, with January's employment level up 8.8 percent from the bottom of the cycle.  In comparison, total U.S. employment is only up 4.3 percent from the recession trough."  

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,943.81 +28.74 0.17%
S&P 500 1,967.57 +2.89 0.15%
NASDAQ 4,415.49 +19.2860 0.44%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto
Advertising Partners

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs