How one diner is navigating economic uncertainty in Danbury, Connecticut
The Three Brothers Diner has been serving the Danbury, Connecticut community for the last 50 years. The family-run business, which is managed by Stanley Kallivrousis, has navigated economic uncertainty before, including the 2008 recession and the COVID-19 pandemic.
However, it is the decrease in consumer sentiment that's now plaguing the Danbury hotspot.
"People aren't as jolly as they used to be," says Kallivrousis, who's noticed a decrease in foot traffic over the last few months and a change in eating habits among those who do come in.
"People are sharing things a lot more than they used to. Nobody leaves any leftovers at all. People are taking everything home. You're noticing they'll have water or a bowl of soup or have an English muffin. Whereas they used to get a full breakfast."
According to The Conference Board's Consumer Confidence Index, consumer confidence dropped 7.9 points to 86 in April, a level which has not been seen since the onset of the COVID pandemic.
According to the National Restaurant Association, 57% of restaurant operators said their traffic declined in March, down from 66% in February.
With fewer customers, Kallivrousis has paused expanding, including adding staff, and the uncertainty around business has made retaining the staff that he does have difficult.
"Some of the best cooks I know drive for Uber now," says Kallivrousis, who has seen workers leave the restaurant workforce for the flexibility that accompanies the gig economy.
According to the National Federation of Independent Business, 34% of small business owners reported job openings they could not fill in April.
Economic uncertainty
John Samuels serves as a Partner and Managing Director for AlixPartners, a business consulting group that helps companies react to changing consumer behavior. According to Samuels, "companies are scrambling" for what's "shaping up to be a full-blown crisis," with many having to make decisions using "imperfect information." For some companies, that may mean canceling orders or raising prices.
A recent survey given by AlixPartners reveals that 70% of corporate executives expect to raise prices. The change comes as companies plan to absorb the large cost of tariffs on their goods. Samuels says that companies, in addition to pulling back on hiring, are "pulling back on capital investments and on infrastructure investments."
There is one bright spot. The price of food has remained relatively steady since January.
Diner staples, including tomatoes, bread and chicken saw flat or decreasing prices, while a dozen eggs are up 26%.
Despite all of the uncertainty, Kallivrousis says that running the Three Brothers Diner is about more than just food and profits. It's a place for the community to come together.
"I know the overwhelming majority of all my customers," says Kallivrousis. "They still keep coming out and supporting. We're a part of the routine. I think that's the best part about the whole business. Sometimes that is the whole business."
Daughter reflects on iconic photo that shows reunion with her father, a Vietnam prisoner of war
Mike Waltz leaving post as Trump's national security adviser | Special Report
Extended interview: DHS Secretary Kristi Noem on deportations involving children and more
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time Magazine
29 minutes ago
- Time Magazine
Trump's Tariffs Hit Harder Than Expected as OECD Slashes U.S. Growth Forecast
President Donald Trump 's turbulent tariff policy is projected to cause a sharper slowdown in economic growth in the United States and around the world than previously expected, the Organization for Economic Co-Operation and Development (OECD) found in a Tuesday report. The organization forecast that GDP growth in the United States will slow to nearly half its 2024 pace in the next two years, falling from 2.8% last year to just 1.6% in 2025 and 1.5% in 2026 due to 'rising trade costs' driven by Trump's import levies. Global growth as a whole is expected to slow from 3.3% in 2024 to 2.9% in both 2025 and 2026, dropping below the at least 3% growth recorded year-over-year since 2020. The forecast is notably grimmer than the one the OECD offered in March, when it projected the American economy would grow at a 2.2% pace this year and the world as a whole would experience 3.1% growth. 'The global economy has shifted from a period of resilient growth and declining inflation to a more uncertain path,' OECD Secretary-General Mathias Cormann said in a statement. 'Governments need to engage with each other to address any issues in the global trading system positively and constructively through dialogue – keeping markets open and preserving the economic benefits of rules-based global trade for competition, innovation, productivity, efficiency and ultimately growth.' Why are Trump's tariffs expected to slow growth? The tariffs Trump has imposed on nearly every country in the world—and the uncertainty surrounding his economic policies—could cause "significant disruptions' to the global supply chain, which was hit hard in recent years by the COVID-19 pandemic, the OECD warned. 'Global trade growth is likely to slow substantially over the next two years, after significant front-loading ahead of expected tariff increases, and uncertainty is expected to hold back business investment,' the report says. Trump has repeatedly announced and then delayed tariffs since taking office in January with the stated aim of reducing trade deficits and bolstering American manufacturing. The future of most of the import taxes, which the President initially imposed against U.S. trading partners around the world in early April, has been in limbo as countries have worked to negotiate better deals and legal challenges have worked their way through the courts. An order from the U.S. Court of International Trade last week cast the shifting trade policy into further chaos by briefly striking down the bulk of the levies, before a stay from a federal appeals court the next day allowed them to remain in place for the time being. Trump then announced plans to double tariffs on aluminum and steel imports, threatening to further escalate the tensions surrounding his trade wars. What does all this mean for inflation? Increased trade costs resulting from Trump's tariff agenda could also drive up inflation, the OECD said, though it noted the impact could be offset by 'weaker commodity prices.' Inflation ticked down to 2.3% in April after climbing as far as 9.1%—its highest rate in four decades—in 2022. Consumer confidence, a key inflation indicator, also improved in the U.S. for the first time in five months this May. But prior to the back-and-forth court rulings on Trump's import taxes last week, many large retailers in the U.S. walked back their previous vows not to increase the prices of their products, with some citing the tariffs as contributing to their decisions. Walmart announced price hikes in May in response to tepid first quarter results, stating the increase was at least in part due to the import taxes. In response, Trump suggested the company 'eat the tariffs.' Other businesses that have since announced price increases have been less explicit. Target cited tariffs as just one to a series of factors impacting the company's bottom line, including customer boycotts over their rollback of DEI policies and general consumer confidence. Others, including Subaru and Nike, have not directly attributed the changes in their prices to tariffs. Nike said its announced price hikes were part of their regular market adjustments. 'We regularly evaluate our business and make pricing adjustments as part of our seasonal planning,' Nike told TIME in a statement. Price increases for the corporation have been in effect since June 1.
Yahoo
40 minutes ago
- Yahoo
BioNTech (NasdaqGS:BNTX) Enters Global Co-Development Agreement With Bristol Myers Squibb
BioNTech has seen a significant price movement in the past week, with its stock rising by 15%, compared to a 2% increase in the broader market. The recent co-development and co-commercialization agreement between BioNTech and Bristol Myers Squibb for the bispecific antibody BNT327 may have supported this upswing. Additionally, the anticipation surrounding BioNTech's presentations at the ASCO Annual Meeting, showcasing promising clinical trial data, possibly added weight to the positive sentiment. While the market has performed well, these focused developments in BioNTech's oncology pipeline likely provided an additional boost. Buy, Hold or Sell BioNTech? View our complete analysis and fair value estimate and you decide. Rare earth metals are an input to most high-tech devices, military and defence systems and electric vehicles. The global race is on to secure supply of these critical minerals. Beat the pack to uncover the 24 best rare earth metal stocks of the very few that mine this essential strategic resource. The co-development agreement between BioNTech and Bristol Myers Squibb for the bispecific antibody BNT327, alongside BioNTech's presentations at the ASCO Annual Meeting, could significantly impact its revenue and earnings forecasts. The collaboration and new clinical data may enhance BioNTech's oncology portfolio, potentially driving revenue growth from innovative treatments and first-in-class approvals. Despite this, high R&D expenses and dependency on COVID-19 vaccine sales remain critical risks that could affect financial stability if not offset by new product launches. Over a five-year period, BioNTech has achieved a total return of 134.10%, indicating strong longer-term appreciation. This contrasts with the past year's performance, where the company outperformed the US Biotech industry, which experienced a decline of 13.1%. Despite this favorable long-term total return, the current share price, having climbed 15% recently, still falls short of analyst price targets, suggesting a potential growth opportunity if analyst expectations for the stock materialize. The valuation report we've compiled suggests that BioNTech's current price could be inflated. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include NasdaqGS:BNTX. This article was originally published by Simply Wall St. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Journals
44 minutes ago
- Business Journals
Thriving in turbulence: 11 essential moves for not-for-profits in 2025
In 2025, not-for-profit leaders are navigating one of the most volatile landscapes since the onset of the COVID-19 pandemic. Economic headwinds — from rising interest rates and inflation to diminished government support and looming threats to tax-exempt status — are compounding political uncertainty and creating a perfect storm for mission-driven organizations. Now is not the time to wait and hope for calmer conditions. It's the moment to act with clarity and purpose. Below are some practical and strategic actions your not-for-profit can take to build resilience and chart a sustainable path forward. Financial resilience and planning 1. Proactively manage costs: Waiting for a financial crisis to act is a costly mistake. Begin by renegotiating vendor contracts, minimizing travel, and optimizing facility use. Regular expense audits can reveal hidden inefficiencies and free up funds for high-impact programming. 2. Accelerate cash flow and receivables: Implement systems that shorten your revenue cycle such as automated invoicing, early follow-ups, and clear payment terms. Build and maintain a rolling 12-month cash flow projection and update weekly. Encourage long-time donors to consider accelerating planned gifts or bequests during this critical period. 3. Embrace scenario planning: In a volatile environment, planning for multiple outcomes is essential. Develop best-case, base-case, and worst-case budgets. Ask, "What happens if we lose 20% of our funding?" Engage your finance committee in regular exercises to ensure you're ready to act quickly — not reactively — when challenges arise. 4. Zero-based budgeting: Rather than making minor tweaks to last year's budget, start from zero and justify each expense. This method helps prioritize funding for the most impactful programs and forces disciplined thinking around resource allocation. Revenue generation and external relationships 5. Diversify revenue streams: Avoid overdependence on any single funding source. Explore new fee-for-service models, boost individual giving campaigns, and apply for grants at the state, local, and foundation levels. Think beyond traditional philanthropy. 6. Deepen donor engagement: Donors in 2025 respond well to mobile-first campaigns, personal video messages, and emotionally resonant storytelling. Highlight urgent needs and how donor contributions create tangible impact. Transparency and relevance are your allies. 7. Advocate for your mission: Advocacy isn't lobbying — it's storytelling with data. Build bipartisan relationships with local and state officials. Educate them about your impact, share constituent stories, and quantify your economic contributions. A well-informed official is more likely to support, not slash, your funding. Organizational effectiveness 8. Optimize programs and partnerships: Use this moment to rigorously assess the cost-effectiveness and impact of every program. Identify core services based on metrics like cost-per-beneficiary and long-term outcomes. Consider pausing or sunsetting underperforming efforts and deepen partnerships to deliver complementary services. 9. Reinvigorate volunteer engagement: In tight financial times, volunteers are more valuable than ever. Offer structured roles, training, and recognition to enhance engagement. Volunteers can supplement staff efforts and serve as community ambassadors, extending your reach and capacity. 10. Support and retain your team: Sustainability doesn't mean burnout. Even if raises are off the table, offer flexible schedules, mental health days, remote/hybrid options, and meaningful professional development. Make sure your board understands the pressure staff are under and encourage them to step in with hands-on support when needed. 11. Boost board financial literacy: A financially literate board is a powerful asset. Offer training in financial statements, cash flow management, and risk analysis. Provide easy-to-understand dashboards with key financial metrics to empower strategic oversight between meetings. A call to action The not-for-profits that will not just survive but lead in 2025 will be those that take bold, strategic action today. Choose one area from this list and begin this week — whether that means scheduling a scenario planning session, analyzing a program's ROI, or designing a donor outreach plan. Resilience is not accidental. It's the product of thoughtful leadership, consistent execution, and a willingness to evolve. Not-for-profits across Massachusetts and beyond have weathered past storms not through luck, but through preparation, adaptability, and mission-centered decision-making. Your mission is too important to risk delay. By acting now, you're not only navigating turbulence — you're positioning your organization to emerge more focused, effective, and impactful than ever before. Citrin Cooperman's Not-For-Profit Industry Practice goes beyond compliance, offering strategic insight, hands-on support, and deep industry expertise. With 35+ years of experience, we collaborate with mission-driven organizations to help them thrive, bringing technical excellence, creative thinking, and a passion for giving back to every client relationship. ' Citrin Cooperman ' is the brand name under which Citrin Cooperman Advisors LLC and Citrin Cooperman & Company, LLP, independently owned entities, provide professional services in an alternative practice structure in accordance with applicable professional standards. Joshua Bloom is a director at Citrin Cooperman with over 17 years of experience providing a wide variety of accounting, audit, and consulting services to private clients in a number of specialized industries, including not-for-profits.
