The sooner restaurants, grocery and corner stores or banks can re-open, the sooner local economies will start generating revenue again - signaling a stronger recovery for that community.” The “Waffle House Index” tells how the overall economy is faring, according to Dan Stoneking, FEMA’s director of external affairs: “The Waffle House test doesn’t just tell us how quickly a business might rebound - it also tells us how the larger community is faring. The fewer customers who have been coming in as things have gotten more and more difficult … has really impacted the number of hours that our hourly associates have been able to glean.” It is a culture born of servant leadership, leading from the front and taking care of each other. He added, “Waffle House has a unique culture. Neal Boss, the director of public relations for Waffle House, tried to put those numbers into human terms: “To see something of this magnitude and try to explain it in terms of human cost.… We see how it physically affects people through the infection.… There’s the human cost of the very individuals who have been disproportionately affected.” They reflect a minimum of 27 million jobs lost during the shutdown and 67 million at the worst Louis Fed President Jim Bullard just announced: “The unemployment rate … is going to be somewhere between 10 percent and … 42 percent.” The lower number is the most optimistic projection of present trends, while the higher number is the most pessimistic. The chain has closed nearly 400 of its 2,100 restaurants, reflecting what St. The Index has three levels: Green (the restaurants are open, full, and operating with a complete menu) Yellow (they are operating on emergency power, serving only a partial menu) and Red (they are closed). The Federal Emergency Management Agency (FEMA) uses the health of the chain as an indicator for the health of the economy as a whole.Īs Craig Fugate, the former head of FEMA, expressed it this way: “If you get there and the Waffle House is closed? That’s really bad.” It is also a leading indicator of the health of the economy. The Waffle House restaurant chain is a cultural icon with 2,100 locations, mostly in the South. The “Waffle House Index” flashed red last week as the impact of the coronavirus shutdown really began to bite. Podcast: Play in new window | Download ()
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