Our three major health metrics continue to show a positive trend compared to January 2022. In fact, Main Street health is stronger today than at the beginning of the year. However, the (positive) rate of change raises questions about the trajectory for the rest of the year.
The overall national trend of our core metrics, however, differs vary across regions and states. Significant monthly declines were recorded in states adversely affected by severe weather. A more general fall was evident in the west, southwest, and parts of the Rocky Mountains. In contrast, New England and the Mid-Atlantic regions return from mid-March.
Consistent with the results of our March report – as well as the macroeconomic and firm-fixed earnings report – increased working hours by workers in entertainment, food and beverages and hospitality. Estimates for hospitality (+ 6.8%) and entertainment (+ 7.4%) showed significant strength as customers sought social and leisure experience.
Average (nominal) hourly wages Has grown by about 10% since the beginning of 2021. However, the rate at which wages have increased has become equal. In the case of entertainment and hospitality, wages increase and tend to be more variable in the opposite direction.