Bankruptcy

Why 38,000 People Finding Jobs in a Week Matters to Us (Think 237,500 Happy Meals?)

By Meaghan Olson

The Department of Labor reported that the weekly unemployment insurance claims fell from 588,000 to 550,000 in one week.

That means 38,000 people either did not claim unemployment or they found a job.

What Jobs Mean to Our Economy

If 38,000 people actually found work last week, that would be equal to the entire town of Coppell, Texas now gainfully employed or the entire student population of New York University.

If these same 38,000 people made the national average wage index, then that would be 38,000 people now earning $40,405.48 per year.

If these 38,000 newly employed people then spent $5 a day for lunch at McDonald?s for the entire work week then that is $950,000 spent to bolster the economy

(By the way, $950,000 is a little less than what two Wall Street Executives are now allowed to earn under the current administration.)

Or, $950,000 can purchase 237,500 Happy Meals at McDonald?s, in turn supporting the 18 vendors and 30 employees (on average) which are needed to support one McDonald?s restaurant.

If there are approximately 8,600 McDonald?s restaurants in the country then that is 258,000 people and 154,800 additional businesses positively affected by the 38,000 people who found work last week.

These hypothetical figures show that every job counts toward stimulating the economy.

Full post as published by The Bankruptcy Blog on August 07, 2009 (boomark / email).