Fast Food Industry Shows Faster Growth Than U.S. Economy

According to the reports by New York Post, fast food chains like McDonald’s, Burger King and Wendy’s had almost the same store sales growth which was a little more than 3% as compared to the U.S. economy which was 2.6% this quarter. The Post also mentions that the economy growth of the country hasn’t grown anywhere above 3% in a year from a decade.

The fast food giants, McDonalds and Burger King in fact had the same sale increase of 3.9% in the recent quarter and Wendy’s had 3.2% growth. The industry experts claims that this rise is due to people choosing more fast food restaurants. “When people spend less at higher-priced restaurants and more [money] at fast food, it means they are spending their money more cautiously. On the whole, the restaurant industry is going through hard times,” Mark Kalinowski, a Nomura Instinet analyst, told the Post.

The U.S. economy is heavily benefited by the food industry. The beer industry itself accounts for about $253 billion to the economy according to a 2015 report. Another report in June says that pizza too contributes to the GDP with 41 million Americans eating a slice a day on an average.