What Does it Mean?
An index that indicates the state of the economy by measuring the number of attractive people working as waiters/waitresses. According to the hot waitress index, the higher the number of good looking servers, the weaker the current state of the economy. It is assumed that attractive individuals do not tend to have trouble finding high-paying jobs during good economics times. During poor economic times, these jobs will be more difficult to find and therefore more attractive people will be forced to work in lower paying jobs such as being waiters/waitresses.
According to http://www.investopedia.com/ ; Hot Waitress Economic Index is a Traditional economic theory contends that employment tends to be a lagging indicator for economic recovery. However, the hot waitress economic index could be a coincident or even a leading indicator for economic recovery because attractive people may be the first group of individuals to find better paying jobs when a bad economy begins to turn around.
Do you think this applies to Developing countries like Tanzania where Unemployent is a huge problem? I will appreaciate your contribution.