Paslode
06-05-2011, 11:30
During the past 7-10 days I noticed on my morning coffee run to McDonalds that there were a lot of new people at the three McDonalds I generally visit on a weekly, sometimes daily basis and have visited for several years.
New people.........and as many of the faces I was accustomed to seeing have been missing in that same time span. Which makes me wonder if McD's not only did the publicized hiring, but did some unpublicized firing as well....which may show up new claims data at some point.
Half of Last Month's New Jobs Came from a Single Employer — McDonald's
11:13 AM, Jun 3, 2011 • By MARK HEMINGWAY
According to the unemployment data released this morning, the economy added only 54,000 jobs, pushing the unemployment rate up to 9.1 percent. However, this report from MarketWatch suggests the data is much worse than that:
McDonald’s ran a big hiring day on April 19 — after the Labor Department’s April survey for the payrolls report was conducted — in which 62,000 jobs were added. That’s not a net number, of course, and seasonal adjustment will reduce the Hamburglar impact on payrolls. (In simpler terms — restaurants always staff up for the summer; the Labor Department makes allowance for this effect.) Morgan Stanley estimates McDonald’s hiring will boost the overall number by 25,000 to 30,000. The Labor Department won’t detail an exact McDonald’s figure — they won’t identify any company they survey — but there will be data in the report to give a rough estimate.
If Morgan Stanley is correct, about half of last month's job growth came from the venerable fast-food chain. That is hardly the sign of a healthy economy.
http://www.weeklystandard.com/blogs/half-last-months-jobs-came-single-employer-mcdonalds_573220.html
New people.........and as many of the faces I was accustomed to seeing have been missing in that same time span. Which makes me wonder if McD's not only did the publicized hiring, but did some unpublicized firing as well....which may show up new claims data at some point.
Half of Last Month's New Jobs Came from a Single Employer — McDonald's
11:13 AM, Jun 3, 2011 • By MARK HEMINGWAY
According to the unemployment data released this morning, the economy added only 54,000 jobs, pushing the unemployment rate up to 9.1 percent. However, this report from MarketWatch suggests the data is much worse than that:
McDonald’s ran a big hiring day on April 19 — after the Labor Department’s April survey for the payrolls report was conducted — in which 62,000 jobs were added. That’s not a net number, of course, and seasonal adjustment will reduce the Hamburglar impact on payrolls. (In simpler terms — restaurants always staff up for the summer; the Labor Department makes allowance for this effect.) Morgan Stanley estimates McDonald’s hiring will boost the overall number by 25,000 to 30,000. The Labor Department won’t detail an exact McDonald’s figure — they won’t identify any company they survey — but there will be data in the report to give a rough estimate.
If Morgan Stanley is correct, about half of last month's job growth came from the venerable fast-food chain. That is hardly the sign of a healthy economy.
http://www.weeklystandard.com/blogs/half-last-months-jobs-came-single-employer-mcdonalds_573220.html