Despite monthslong concerns about inflation and a looming recession, retail sales at restaurants and bars have jumped this summer compared to a year ago.
National sales in the sector jumped 11.8% in July and 9.5% in June from a year ago, according to new data from the U.S. Department of Commerce.
Falling inflation has generally helped consumers in recent months, but prices for food and alcohol outside of the home have not changed much.
The Associated Press reported on Aug. 24 that the industry sector that includes restaurants is expected to report 20.3% profit growth during the current quarter.
Wall Street, meanwhile, expects the broader S&P 500 to report profit growth of less than 1%.
