The Labor Department's latest jobs report was already disheartening. And now it turns out half of the paltry number of jobs created in May could have been the result of McDonald's.
Up to 30,000 of the 54,000 jobs created in May were the result of a hiring spree by the hamburger chain, analysts at Morgan Stanley told Market Watch on Friday.
The fast food giant added tens of thousands of new Mcstaffers to their payroll on April 19, and Morgan Stanley estimates that when all the
bookkeeping is done and the final job count tallied, McDonald's hiring will boost the overall May number by 25,000 to 30,000.
The unemployment rate ticked up to 9.1%, according to the jobs report released Friday. Economists had hoped for six-figure jobs growth in May
-- the previous three months each averaged gains of 230,000, making May's 54,000 a major disappointment.
More people entered the work force last month, but new entrants couldn't find jobs, which attributed to the unemployment increase from 9% in April.
President Obama didn't specifically mention the jobs report in his weekly address on Saturday, but said the economy will face "tough headwinds" in the months ahead.
The high unemployment rate and struggling economy will be one of the biggest hurdles the commander-in-chief will face in order to win re-election.
"Lately, it's high gas prices, the earthquake in Japan and unease about the European fiscal situation. That will happen from time to time," he said from a Chrysler plant in Toledo, Ohio. "There will be bumps on the road to recovery."
Yay, that's GREAT news. These people will be making approximately $8.00 @ hr. And income for the middle class hasn't moved up much in 30 years. Yay. Soon just $12.00 and under for most and millions for a lot of others. Yay. Don't worry, though. Few care. Just capitalism at work. If these people were smart, good, honest, and hard-working they wouldn't be at McDonalds. Right?
The previous was a recorded message from Republican headquarters.