"McDonald’s Corp. (MCD), the world’s biggest restaurant chain, said it hired 24 percent more people than planned during an employment event this month.
McDonald’s and its franchisees hired 62,000 people in the U.S. after receiving more than one million applications, the Oak Brook, Illinois-based company said today in an e-mailed statement. Previously, it said it planned to hire 50,000.
The April 19 national hiring day was the company’s first, said Danya Proud, a McDonald’s spokeswoman. She declined to disclose how many of the jobs were full- versus part-time. McDonald’s employed 400,000 workers worldwide at company-owned stores at the end of 2010, according to a company filing.
The number of applications for unemployment benefits in the U.S. rose last week, a sign that progress in the labor market may be fading. Jobless claims increased by 25,000 to 429,000 in the week ended April 23, the most in three months, according to data from the Labor Department in Washington today."
Bloomberg
For the last couple of weeks the story about McDonalds and its announced hiring binge has been touted on Fox Business and other networks as a triumphant and resounding proof that the economic recovery has begun. Whatever.
The reality is that if you had applied for one of these minimum wage, part time jobs you were just one of a million or so that did so and you had a roughly 5%-6% chance of getting it. In other words, approximately 938,000 people applied and failed to get a job. 938,000!! For minimum wage, part time work! I wonder what percentage of these applicants were the typical McDonalds teenage part-timers and how many were laid off adults that were trying to replace a job that paid real money with just anything they could get?
And they call this a RECOVERY??!!
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