The numbers game, for now, supports Clinton's optimism. But reviewing past performance is a great deal easier than anticipating the economic consequences of the new year. Recognizing the pitfalls, Restaurants and Institutions again makes its annual foodservice sales projection as this magazine's contribution to punditry. The exercise, however, is helpful in requiring original thinking and analyses of myriad components that constitute the overall economy as well as foodservice. The overwhelming number of positive indicators precludes anything less.
Critics have to look long and hard to find substantive reasons to be pessimistic.
The most persistent negative scenario offered seems to be that there must be an inevitable downturn to balance the steady growth of recent years. Most point to turbulence in the financial markets of Asia and its potential impact on North America. But after a panic last fall, Wall Street seems to have shook off the Asian uncertainty and marched onward. An amazing statistic flew by recently, courtesy of Reuters, that underscores the balmy financial climate. The Producer Price Index, or the average amount paid manufacturers for finished goods such as computers, coffee and gasoline, actually declined in November.