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

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Key Avenue stays resilient. Our three critical Main Avenue Wellness Metrics — hrs worked, areas open up, and workers working — continue to demonstrate a positive development as opposed to January of 2022, irrespective of macroeconomic and geopolitical crosscurrents and negative stories from some bellwether corporations. 

Key Road Health Metrics
(Rolling 7-day common relative to Jan. 2022)
1. Some considerable dips due to significant U.S. holiday seasons. Pronounced dip in mid-February 2021 coincides with the interval which includes the Texas electrical power crisis and serious weather in the Midwest. Resource: Homebase details.

Regional differences

In general national tendencies in our critical Main Street Health and fitness metrics mask some differences throughout regions, states and MSAs. For example, our hrs worked metric confirmed some modest thirty day period-above-thirty day period declines in sections of the West, Southwest, and Southeast. By distinction, New England, The Plains, Great Lakes, and the mid-Atlantic locations go on to craze positively. 

Percent improve in hrs worked
(Mid-May vs. mid-April using Jan. 2022 baseline) 
Note 1.  May well 8-14 vs. April 10-16. Regional averages weighted by population, primarily based on 2019 estimates from the US Census. Resource: Homebase info

The sample at the MSA-stage was largely dependable with the condition-level effects, with gains apparent in New York, Hartford, and Minneapolis, amid many others. San Antonio was a Southern standout.

Percent modify in hours labored and employees performing
(Mid-May perhaps vs. mid-April using January 2022 baseline) 1
1. May possibly 8-14 vs. April 10-16. Resource: Homebase data

Experiential firms keep on to appreciably outperform in contrast with the commencing of 2022. Consumers’ change away from usage items to activities is obvious in our details. We famous continued 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. 

P.c alter in staff members working
(As opposed to January 2022 baseline utilizing 7-day rolling normal) 
1. May perhaps 8-14 vs. April 10-16 (2022) and Could 12-18 vs. April 7-13 (2019).  Pronounced dips commonly coincide with major US Holidays.

Nominal common hourly wages are up nearly 10% since the commencing of 2021. Nonetheless, there is some evidence that the price of maximize is leveling off.

P.c transform in nominal typical hourly wages relative to January 2021 baseline

 



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