WING - 4 Stocks to Add to Your Portfolio on Soaring Restaurant Sales | Benzinga
The U.S. restaurant industry is putting up a great show amid price pressures. Sales are soaring as an increasing number of Americans are spending freely on dining out.
According to the Commerce Department, sales at U.S. food and drinking places totaled $98.1 billion in March, up 0.4% month over month after increasing 0.5% in February. Sales at U.S. restaurants rose a solid 6.6% year over year in March, while sales from January through March totaled $27.1 billion.
The retail sector has struggled for months owing to the price inflationary pressures and is still striving to get back on its feet.
According to the Commerce Department, retail sales rose 0.7% in March. The Federal Reserve kept interest rates unchanged at the current range of 5.25-5.5% after hiking interest rates by 525 basis points since March 2022.
Moreover, it hasn't yet indicated the time for the first rate cut, which is making consumers worry. However, Americans are not hesitant about spending on food despite higher borrowing rates and prices.
The upward trend in restaurant sales is being driven by robust consumer spending and an increase in ...