Maine Street remains resilient despite macroeconomic and geopolitical challenges. Our major health metrics – working hours and staff working – are higher than in January 2022. Data obtained from mid-June are consistent with upward data from mid-May. Overall, the performance of our core metrics is consistent with the trend observed during the pre-covid period.

Main street health metrics
(8 day average rolling; compared to January 2022)
Employees working1
(Rolling 7-day average; compared to January of the reported year)
  1. Some significant reductions due to major US holidays. The pronounced Deep Texas power crisis in mid-February 2021 and the severe weather in the Midwest coincided with the time. Source: Homebase Data.

Regional differences

National trends in our major street health metrics mask some of the differences across regions, states and MSAs. For example, in New England, The Plains, the Great Lakes, and the Mid-Atlantic region, our working hours metrics have shown continued strength. The Rocky Mountains, in turn, have seen an increase in the number of working people (from 1.1% in mid-May to 7% in mid-June).

Percentage change in working hours
(Uses mid-June vs. mid-May January 2022 Baseline)
  1. June 12-18 vs. May 8-14. Working hours are calculated from the hours recorded on the homebase timecard and reflect the percentage of employees employed in a given time relative to the baseline reference time.

Entertainment and hospitality are surpassing significantly compared to the beginning of 2022. In terms of differences in industry performance in the percentage of employees employed, mid-June 2022 is similar to the corresponding period of the pre-coveted year of 2019. Entertainment (+ 21%) and Hospitality (+ 13%) Increased in June. Beauty and wellness (+ 7%) and retail (+ 3%) increased compared to mid-May this year.

Percentage change of employees working for selected industries
(Using a 7-day rolling average compared to the January 2022 baseline)
1. Pronounced dips usually coincide with major U.S. holidays. Source: Homebase Data

Wages have risen by about 10% in nominal average hours since the beginning of 2021. The average (nominal) hourly wage in mid-June was about 10% higher than the estimate from January 2021. However, since mid-June, there has been evidence that wage inflation has moderated month-on-month.

Percentage change in average hourly wages relative to January 2021
1. Nominal average hourly wage changes are calculated subject to the January 2021 baseline. .Source: Homebase Data

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