Home From the Wires The steakhouse as economic indicator

The steakhouse as economic indicator

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Friday, September 06, 2013

Fortune: What the sizzle at some legendary chophouses says about the New York economy — and maybe the nation's, too.

To gauge the striking revival in the Big Apple's economy, you could pick from a wide variety of statistics or symbols, from the ascending graph of Manhattan coop prices to the throngs of foreign tourists packing the 7 subway line to the U.S. Open. We modestly suggest a more telling barometer: what we'll call "The Steakhouse Index." That's our take on how those great, extremely pricey, expense-account-sensitive purveyors of prime aged beef and creamed spinach are faring a half-decade after the onset of the financial crisis.

 

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