Outlook Weak For Restaurants
The restaurant industry spent its 19th consecutive month in contraction mode in May as the outlook for sales and growth in the next six months dampened, the National Restaurant Association said.
The association said its restaurant performance index slipped 0.3 percent to 98.3 in May, its first monthly decline in five months. Still, the index, which considers a 100 score neutral, has been below 100 for 19 straight months, indicating contraction in the industry.
Restaurant operators are optimistic that the economy will improve over the next six months, but think restaurant growth and capital spending will remain soft, the association said.
The association's current situation index hit 96.9 in May, down 0.1 percent from April and the 21st consecutive month below 100.
Restaurant operators in May also reported negative same-store sales for the 12th consecutive month.
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