From the CME Group's Daily Livestock Report
Consumer spending on food has increased dramatically since last spring and in May it hit a new all time record high. Much of the talk at the start of spring was whether lifting COVID restrictions on foodservice would mean lower spending at retail. In the last two months, however, it appears that both food distribution channels managed to eke out gains.
from Food and Agriculture Organization of the United Nations
Global meat prices were up 2.2% in May from April, with eight months of increases pushing them 10% higher than a year ago, according to an index released Thursday by the Food and Agriculture Organization of the United Nations.
“In May, price quotations for all meat types represented in the index rose, principally underpinned by a faster pace of import purchases by East Asian countries, mainly China,” the look at the world food situation stated.
“Tightening global supplies also provided price support across all meat products, reflecting multiple factors ranging from slaughter slowdowns in the cases of bovine and ovine meats to rising internal demand for poultry and pig meats in leading producer regions.”
Still, the monthly measure of prices on the international market remains almost 12% beneath its peak hit in August 2014, FAO said.
An even more dramatic spike came in overall food costs. The FAO Food Price Index — a gauge of the monthly change in international prices for a basket of food commodities — climbed 4.8% from April to May, and is 39.7% higher than last year. “The sharp increase in May reflected a surge in prices for oils, sugar and cereals along with firmer meat and dairy prices,” FAO said.
from the National Restaurant Association
Normally during this time of year, restaurants across the country would be staffing up for the opening weekend of the summer season. These summer jobs are typically filled by a wide variety of individuals – teenagers, college students, teachers – even retirees who want to pick up a couple shifts at the 19th hole of their local golf course.
While the restaurant industry is expected to expand payrolls this summer, it will likely be a mix of both coronavirus recovery and seasonal jobs. Most operators are still well below normal staffing levels, and are working to rebuild their teams as business conditions improve.
This article examines some of the factors that will impact restaurant job growth during the 2021 summer season.