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McDonald's Singlehandedly Reducing Unemployment Rate

Adam Kirchner

Posted: Jan 26th 2009 6:39PM

Filed under: The Economy, Towson University

CNN Money reported that 68,000 job cuts in the U.S. were announced on Monday, bringing the year-to-date total to 200,000. The tally of jobs lost in 2008 reached 2.6 million, the highest yearly total loss in America in 63 years.

Some of the companies announcing the biggest cuts on Monday include Home Depot (7,000 layoffs), Sprint Nextel Corp. (8,000 layoffs, or 14% of its staff), Caterpillar (20,000 layoffs), and Pfizer (26,000 layoffs, or 15% of its staff).

The consensus in a poll conducted by the National Association for Business Economics is that the U.S. gross domestic product will continue to sink in 2009 as the recession deepens. Among the 105 economists surveyed, 39% expected companies to continue cutting jobs over the next six months.

McDonald's revenue ended the year 3% lower than Wall Street's expectations at $5.57 billion and its stock has been dropping since mid-December; however, shares are up 9.5% over this time last year.

So what did the global fast-food restaurant chain juggernaut do in the face of such a dismal economic outlook? McDonald's announced to spend $2.1 billion to open 1,000 new stores, as well as reinvest in its existing stores.

FYI: if any investment bankers are looking for a job to make ends meet until the economy recovers, as of this writing, McDonald's has 70 job openings in the Big Apple, including five general manager positions. They're a growth company with pervasive brand-name recognition in saturated marketplaces worldwide, with options to transfer and promote from within. It could be the dream career of the global economic nightmare!

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