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

Principal Road continues to be resilient. Our 3 key Key Street Wellness Metrics — hours labored, destinations open up, and workers doing work — go on to present a optimistic craze as opposed to January of 2022, regardless of macroeconomic and geopolitical crosscurrents and unfavorable stories from some bellwether companies. 

Primary Road Health Metrics
(Rolling 7-day normal relative to Jan. 2022)
1. Some sizeable dips because of to major U.S. holiday seasons. Pronounced dip in mid-February 2021 coincides with the time period which include the Texas electric power crisis and intense weather in the Midwest. Source: Homebase facts.

Regional variances

All round nationwide trends in our crucial Main Avenue Health and fitness metrics mask some discrepancies throughout locations, states and MSAs. For instance, our hours worked metric confirmed some modest thirty day period-around-month declines in parts of the West, Southwest, and Southeast. By contrast, New England, The Plains, Great Lakes, and the mid-Atlantic locations go on to craze positively. 

% modify in hrs worked
(Mid-May possibly vs. mid-April using Jan. 2022 baseline) 
Be aware 1.  May perhaps 8-14 vs. April 10-16. Regional averages weighted by population, centered on 2019 estimates from the US Census. Resource: Homebase details

The pattern at the MSA-degree was largely reliable with the point out-degree benefits, with gains apparent in New York, Hartford, and Minneapolis, amongst some others. San Antonio was a Southern standout.

Per cent transform in hrs labored and staff doing work
(Mid-May possibly vs. mid-April utilizing January 2022 baseline) 1
1. May well 8-14 vs. April 10-16. Resource: Homebase facts

Experiential corporations proceed to substantially outperform compared with the beginning of 2022. Consumers’ change absent from usage products to encounters is obvious in our details. We pointed out continued momentum in the hospitality and leisure industries, which are up 19.2% and 22.8%, respectively, from January 2022. Retail, on the other hand, is trending downwards, as is magnificence & wellness. 

% modify in staff doing work
(When compared to January 2022 baseline making use of 7-day rolling typical) 
1. Could 8-14 vs. April 10-16 (2022) and May well 12-18 vs. April 7-13 (2019).  Pronounced dips frequently coincide with major US Vacations.

Nominal average hourly wages are up nearly 10% since the beginning of 2021. Nevertheless, there is some evidence that the amount of improve is leveling off.

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