Restaurants rehired nearly 1.4 million workers in May. Here's why that number may be less impressive than it sounds.
Restaurants are among the businesses hit hardest by the pandemic and shutdowns. Eight million restaurant jobs disappeared, with one in five restaurants set to close permanently as a result of the pandemic. These numbers show that even with the jobs regained in May, the industry still has a long way to go to reach pre-pandemic employment levels.
"We're in the strongest seasonal points of the year," Gordon said. "The weather gets better. People go outside, more people start to travel around." Restaurant owners received stimulus loans from the Paycheck Protection Program in April and May. In order to qualify for loan forgiveness, recipients were originally required to spend 75% of their loan on payroll expenses within eight weeks of receiving their loans. The jobs bump in May could reflect those loan forgiveness guidelines, which incentivized restaurant owners to hire back staffers before they could generate the business that would make those rehires sustainable.
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