Monday, April 4, 2011

Not Exactly the Job Growth We Were Looking For

Mark Thoma wasn’t exactly cheering the latest employment report precisely because an employment to population ratio equal to 58.5% is still extremely weak. Kim Peterson notes one firm is about to hire 50,000 more workers:

The hiring binge is one result of the extraordinary business run McDonald's has engineered over the past few years. When the economy tanked, more people turned to the Golden Arches to dine on a budget.

We are eating at McDonald’s and not better restaurants because we are poorer. And these jobs are not exactly coming with very high wages.

1 comment:

trucker said...

Economic growth happens when desired leisure is increased. There is no other valid measure of economic progress. We must figure out a new method for sharing the burdens that are so greatly diminished by real capital development and division and specialization of labor. I have always seen the "participation rate" as a measure of the number of family members who must be employed outside the home in order to pay the bills. Assuming a reasonable quality of life, the lower that number is, the better off we are.