Main Street health: How did businesses fare in April?

National view

Our three key Main Street Health Metrics continue to show a positive trend compared to January of 2022. Indeed, Main Street Health is stronger today than it was at the start of the year. The rate of (positive) change has, however, leveled off raising questions about the trajectory for the remainder of the year.

Regional differences

The overall national trends in our key metrics, however, obscure differences across regions and states. Significant month-over-month declines were registered in states adversely affected by severe weather. More modest declines were evident in parts of the West, Southwest, and Rocky Mountains. By contrast, New England and the mid-Atlantic regions rebounded from mid-March. 

 

Industry differences

Consistent with results from our March report—as well as macroeconomic and firm-specific earnings reports—hours worked by employees increased in entertainment, food & drink, and hospitality. Estimates for hospitality (+6.8%) and entertainment (+7.4%) showed notable strength as consumers sought social and leisure experiences.

Average (nominal) hourly wages have increased approximately 10% since the beginning of 2021. However, the rate at which wages have increased has leveled off. Wage increases in entertainment and hospitality remain more variable with a bias to the upside. 

Related posts

New Homebase research reveals the
smallest business’ biggest hiring advantage

Summary: Consistent with economic research, the largest companies using Homebase hiring software post jobs with the highest target hourly wages….

Read article

Main Street health: How did businesses fare in March?

National view Consistent with what we saw in mid-February, Homebase’s three key Main Street Health Metrics continued to show a…

Read article

How Main Street is recovering from Omicron— and 10 ways owners can fast-track a rebound

COVID’s two-year run has had a devastating impact on many small businesses and hourly workers, with the latest Omicron surge…

Read article

Main Street Metrics: How have hourly wages changed since COVID?

On top of continuous COVID-19 impacts, small business owners are now dealing with the effects of a nationwide labor shortage….

Read article

Main Street health: How did businesses
fare in September?

Every month, we share our thoughts on the state of Main Street amid the global pandemic. With information from over…

Read article

Main Street health:
How did small businesses fare in August?

Every month, we share our thoughts on the state of Main Street amid the global pandemic. With information from over…

Read article