Main Street Health: How did small businesses fare in May?

Primary Avenue remains resilient. Our 3 important Main Road Health Metrics — hrs labored, locations open, and workers working — keep on to show a beneficial craze compared to January of 2022, in spite of macroeconomic and geopolitical crosscurrents and adverse reports from some bellwether companies. 

Major Avenue Health Metrics
(Rolling 7-day regular relative to Jan. 2022)

1. Some sizeable dips owing to important U.S. vacations. Pronounced dip in mid-February 2021 coincides with the time period which include the Texas electric power crisis and intense weather conditions in the Midwest. Resource: Homebase info.

Regional dissimilarities

All round national trends in our critical Major Street Wellbeing metrics mask some differences throughout locations, states and MSAs. For illustration, our several hours worked metric showed some modest month-about-thirty day period declines in elements of the West, Southwest, and Southeast. By contrast, New England, The Plains, Good Lakes, and the mid-Atlantic locations proceed to development positively. 

P.c alter in several hours worked
(Mid-May well vs. mid-April using Jan. 2022 baseline) 

Notice 1.  May well 8-14 vs. April 10-16. Regional averages weighted by inhabitants, centered on 2019 estimates from the US Census. Resource: Homebase knowledge

The pattern at the MSA-degree was mostly consistent with the point out-degree final results, with gains obvious in New York, Hartford, and Minneapolis, between other individuals. San Antonio was a Southern standout.

% modify in hrs worked and personnel doing work
(Mid-May perhaps vs. mid-April using January 2022 baseline) 1

1. Might 8-14 vs. April 10-16. Source: Homebase info

Experiential businesses go on to substantially outperform as opposed with the beginning of 2022. Consumers’ change absent from consumption merchandise to experiences is obvious in our information. We mentioned ongoing momentum in the hospitality and amusement industries, which are up 19.2% and 22.8%, respectively, from January 2022. Retail, on the other hand, is trending downwards, as is attractiveness & wellness. 

Per cent modify in personnel functioning
(As opposed to January 2022 baseline working with 7-working day rolling regular) 

1. Could 8-14 vs. April 10-16 (2022) and May 12-18 vs. April 7-13 (2019).  Pronounced dips commonly coincide with major US Holiday seasons.

Nominal average hourly wages are up just about 10% given that the beginning of 2021. However, there is some evidence that the price of maximize is leveling off.

Per cent modify in nominal typical hourly wages relative to January 2021 baseline