A waiter in 2008 in San Francisco, California. Photo: Justin Sullivan/Getty Images

The golden age of restaurants may be over, thanks to the collision of oversaturated markets, rising labor and food costs, changing consumer loyalties, a shrinking middle class, and declines in mall traffic, WashPost's Laura Reiley writes.

Why it matters: The restaurant industry can be a precursor to a bear market or recession.

  • Restaurant growth has already exceeded population growth for years, according to analyst David Henkes of Technomic.
  • And it'll be 5 to 7 years before the huge millennial generation fits neatly in the spending sweet spot.

Between the lines: The Post's thesis comes from “Burn the Ice: The American Culinary Revolution and Its End,” a book out July 9 from James Beard Award-winning food writer Kevin Alexander.

  • Alexander argues that since 2006, U.S. restaurants have enjoyed a transformative period.
  • Among the innovations: "'fine casual dining' .... craft cocktails, farm-to-table dining, the hipification of non-Western food, the audacity of food truck culture, the democratization of criticism via social media."

Now, the shake-up: "There are too many restaurants,” Alexander told The Post. "There hasn’t been a recession since 2008, and a recession gets the people who aren’t serious out of the way. Austerity breeds creativity."

Go deeper: We’ve just lived through the greatest period of restaurant growth in U.S. history. Here’s why it’s ending.

Go deeper

Biden raises $141 million more than Trump

Democratic presidential nominee Joe Biden speaks during a September campaign event in Wilmington, Delaware. Photo: Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million, his campaign communications director Tim Murtaugh announced Friday.

Editor's note: This is a developing news story. Please check back for updates.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.

Updated 55 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 30,919,638 — Total deaths: 959,332— Total recoveries: 21,152,996Map.
  2. U.S.: Total confirmed cases as of 9:30p.m. ET: 6,799,141 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.