Market Watch: Forget the Wall Street carnage: To read the economy, look at how much Americans are eating out

Posted on by Phil Querin

Published: Oct 14, 2018 10:57 a.m. ET By JEFFRYBARTASH REPORTER

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“A good way to tell how Americans are feeling is to look at what they spend on restaurants.

“Those are wants and not needs,” noted senior economist Jennifer Lee at BMO Capital Markets. Put another way, people dine out more when the economy is doing well and they’re not worried about losing their jobs. They eat more at home when times are tough and they’re counting pennies.

By that standard, the economy is doing great.

Spending at restaurants and bars has soared since the early spring, rising to the highest yearly pace in 25 years. Sales of food and drinks purchased outside the home leaped 10.1% in the 12 months from August 2017 to August 2018.” [MORE: Go to link here.]

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