The grim future of restaurants

In this image, a waiter carries several entree plates while walking through a restaurant.
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.

Another recession alarm goes off

Reproduced from Federal Reserve Bank of New York; Chart: Axios Visuals

Worriers have had good reasons to fret about the economic recovery.

Context: In addition to being the longest economic expansion in U.S. history, a number of reliable recession warning indicators have been flashing in 2019. The latest is the New York Fed's recession probability index.