As Jon noted earlier, the country added just 54,000 in May, bringing the nation's unemployment rate up to 9.1%. Perhaps more depressing is the fact that half of these additional jobs came from a single employer -- McDonald's.
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. There’s a case to be made for the benefit of fast-food restaurant employment, but it’s obviously not the foundation for sustained economic growth.
Still, I can't wait for the Obama administration to try and take credit creating jobs at McDonald's of all places. Michelle, with her government-approved plate, must be having a coronary right about now.