Touch the Soil News #825 (Feature photo – Andrew Heneen CCA 4.0 International)
One of the reasons we follow economic data in the food chain is that it illustrates an underlying weakness in the food chain. There are many things that can topple it.
Recently, the Bureau of Labor statistics revealed the impact on the job market by the hurricanes that hit the U.S. Not surprisingly, the hospitality-and-Leisure industry lost 111,000 jobs of which 105,000 were in the food-service category. A 2010 Bureau of Labor Statistics study indicates that 14.8 percent of all employment in the Gulf States is in the hospitality sector (of which food service is the largest component).
Overall, economists were expecting the addition of 80,000 jobs in September and the net number was a 33,000 net job loss. The food service industry employs almost 10 percent of the nation’s labor market.
For decades, the net gain in population in the U.S. has been at an annual rate of over 2.5 million. This means that a similar number is entering the job market each year – around 208,000 per month. While the nation has not been keeping up in terms of finding suitable jobs for the youth entering the job markets, the effects of the 2017 hurricanes has been a double whammy.