New data from USDA's Economic Research Service shows restaurant transactions fell 47 percent in 2020, compared to 2019. In March of 2020, the federal government declared a national emergency in response to the Coronavirus pandemic. In response, many state and local governments implemented social distancing measures, stay-at-home orders, and the mandatory closure of businesses in high-risk industries. Restaurants were often included in these mandates, which forced many to close their dining rooms, if not the entire business, sharply reducing restaurant visits across the country. During the first full week after the national emergency declaration, there were 37 percent fewer restaurant transactions than the same week in 2019. The largest year-to-year changes occurred three weeks later, with the 47 percent decline. By the end of the year, weekly transactions remained 11 percent lower than they had been in 2019. USDA's Economic Research Service released the new data Monday as part of its COVID-19 Working Paper, examining food away from home spending.

New data from USDA’s Economic Research Service shows restaurant transactions fell 47 percent in 2020, compared to 2019. In March of 2020, the federal government declared a national emergency in response to the Coronavirus pandemic. In response, many state and local governments implemented social distancing measures, stay-at-home orders, and the mandatory closure of businesses in high-risk industries. Restaurants were often included in these mandates, which forced many to close their dining rooms, if not the entire business, sharply reducing restaurant visits across the country. During the first full week after the national emergency declaration, there were 37 percent fewer restaurant transactions than the same week in 2019. The largest year-to-year changes occurred three weeks later, with the 47 percent decline. By the end of the year, weekly transactions remained 11 percent lower than they had been in 2019. USDA’s Economic Research Service released the new data Monday as part of its COVID-19 Working Paper, examining food away from home spending.

Posted By: Jamie Dickerman
March 29, 2022 @ 10:10 am
Ag Central News, Inside Ag Newsletter Feed

(NAFB) – After a storm of surging prices followed by a week of decline, the national average is virtually unchanged from a week ago, declining just tenths of a penny to $4.23 per gallon. The national average is up 62.4 cents from a month ago and $1.38 per gallon higher than a year ago. The national average price of diesel has risen 8.2 cents in the last week and stands at $5.12 per gallon.

GasBuddy’s Patrick De Hann says, “The decline we’ve seen in average gas prices has been slowing down, as oil prices have held above $100 after declining under that level as recently as a few weeks ago.” De Haan adds, “there’s no telling what’s around the corner, at least for now, as the volatility in oil prices persists.” With an OPEC+ meeting later this week, hopes are high that the group will again boost oil production by the same 400,000-barrel number they’ve agreed to every month since last July.