Larry from Texas emailed a comment into Hedgeye’s morning macro conversation:
“I own three restaurants in Texas, cannot get staff to come to work because they make more money collecting unemployment, we’ll continue losing money with only 25% allowed seating capacity.”
Speaking with a restaurateur friend yesterday I learned that the dynamics in terms of allowed capacity and, we presume, profitability will differ throughout the country; hopefully better in the SJ Valley vs the Texas jurisdiction the gentleman I quoted operates in.
Bottom line: “Reopening” economies is one thing, getting back to pre-crisis levels of business is another thing altogether (something we’ll be tracking very closely!)…