Connect with us

Economy

Fast food struggles to hire as demand soars, U.S. economy roars – TheChronicleHerald.ca

Published

 on


By Hilary Russ

NEW YORK (Reuters) – Taco Bell wants to hire at least 5,000 employees in one day, it said on Tuesday, and is adding benefits for some general managers to sweeten the pot as restaurants struggle to hire enough workers to keep up with a surge in sales amid a broader U.S. economic recovery.

Taco Bell, part of Yum Brands Inc, will hold spot interviews on April 21 in parking lots at nearly 2,000 Taco Bell locations, where some candidates won’t even have to leave their cars to apply.

It has also added four weeks of annual vacation, eight weeks of paid maternity leave, and four weeks of new parent and guardian “baby bonding” time for general managers at company-owned locations.

Taco Bell has used such hiring events before, but never at so many locations at once. “It is no secret that the labor market is tight” now, Kelly McCulloch, Taco Bell’s chief people officer, said in a statement.

“Total nightmare” is the way FAT Brands Inc CEO Andy Wiederhorn describes the staffing situation for franchisees of his company’s restaurants, which include Johnny Rockets and Fatburger.

“The most recent stimulus check and unemployment benefits have been a catalyst for people to stay at home” instead of looking for work, he said.

Though fast-food companies and some other restaurant chains did well through the coronavirus pandemic as their customers turned to drive-thru, carry-out and delivery, they are seeing greater sales now that the weather is warmer, many limits on dining room capacities are lifted, and people with stimulus checks are eating out.

A measure of U.S. services industry activity surged to a record high on Monday amid robust growth in new orders, the latest indication of a roaring economy boosted by increased vaccinations.

Hiring cannot keep pace. The U.S. restaurant industry in March was still about 1.2 million employees short from the same month in 2020, according to U.S. Bureau of Labor Statistics data.

The gap is hardly limited to hospitality. High jobless rates have not translated into a flurry of applications for open positions in manufacturing, either.

On Friday, the Labor Department said 916,000 jobs were created last month, the most since last August, including 53,000 manufacturing positions. That was the highest number of new factory jobs in six months.

HAWKING CARS OR COCKTAILS

One McDonald’s Corp franchisee said sales have soared as consumers spend their stimulus checks. Yet some McDonald’s dining rooms may not reopen until the second half of 2021 because of labor shortages, the franchisee said.

McDonald’s franchisees are aiming to hire 5,000 employees just in the state of Ohio, according to local media reports in late March.

Restaurants are competing not just with each other for employees but with other industries, as some hospitality workers who were laid off found other kinds of work – construction or real estate, for instance – and are not coming back, FAT Brands’ Wiederhorn said.

“That waiter or waitress can sell a car just as well as they can sell a cocktail,” Wiederhorn said.

In Las Vegas, which has about 16 Johnny Rockets and Fatburger locations, employees are working double shifts. “It’s just hard, it gets old and tiring,” Wiederhorn said. “You can only do it for so long.”

(Reporting by Hilary Russ; Editing by Leslie Adler)

Let’s block ads! (Why?)



Source link

Continue Reading

Economy

Britain is ‘bouncing back’ into the same old economy – The Guardian

Published

 on


[unable to retrieve full-text content]

Britain is ‘bouncing back’ into the same old economy  The Guardian



Source link

Continue Reading

Economy

CANADA STOCKS – TSX ends flat at 19,228.03

Published

 on

* The Toronto Stock Exchange’s TSX falls 0.00 percent to 19,228.03

* Leading the index were Corus Entertainment Inc <CJRb.TO​>, up 7.0%, Methanex Corp​, up 6.4%, and Canaccord Genuity Group Inc​, higher by 5.5%.

* Lagging shares were Denison Mines Corp​​, down 7.0%, Trillium Therapeutics Inc​, down 7.0%, and Nexgen Energy Ltd​, lower by 5.7%.

* On the TSX 93 issues rose and 128 fell as a 0.7-to-1 ratio favored decliners. There were 26 new highs and no new lows, with total volume of 183.7 million shares.

* The most heavily traded shares by volume were Toronto-dominion Bank, Nutrien Ltd and Organigram Holdings Inc.

* The TSX’s energy group fell 1.61 points, or 1.4%, while the financials sector climbed 0.67 points, or 0.2%.

* West Texas Intermediate crude futures fell 0.44%, or $0.26, to $59.34 a barrel. Brent crude  fell 0.24%, or $0.15, to $63.05 [O/R]

* The TSX is up 10.3% for the year.

Continue Reading

Economy

Canadian dollar outshines G10 peers, boosted by jobs surge

Published

 on

Canadian dollar

By Fergal Smith

TORONTO (Reuters) – The Canadian dollar advanced against its broadly stronger U.S. counterpart on Friday as data showing the economy added far more jobs than expected in March offset lower oil prices, with the loonie also gaining for the week.

Canada added 303,100 jobs in March, triple analyst expectations, driven by the recovery across sectors hit by shutdowns in December and January to curb the new coronavirus.

“The Canadian economy keeps beating expectations,” said Michael Goshko, corporate risk manager at Western Union Business Solutions. “It seems like the economy is adapting to these closures and restrictions.”

Stronger-than-expected economic growth could pull forward the timing of the first interest rate hike by the Bank of Canada, Goshko said.

The central bank has signaled that its benchmark rate will stay at a record low of 0.25% until 2023. It is due to update its economic forecasts on April 21, when some analysts expect it to cut bond purchases.

The Canadian dollar was trading 0.3% higher at 1.2530 to the greenback, or 79.81 U.S. cents, the biggest gain among G10 currencies. For the week, it was also up 0.3%.

Still, speculators have cut their bullish bets on the Canadian dollar to the lowest since December, data from the U.S. Commodity Futures Trading Commission showed. As of April 6, net long positions had fallen to 2,690 contracts from 6,518 in the prior week.

The price of oil, one of Canada‘s major exports, was pressured by rising supplies from major producers. U.S. crude prices settled 0.5% lower at $59.32 a barrel, while the U.S. dollar gained ground against a basket of major currencies, supported by higher U.S. Treasury yields.

Canadian government bond yields also climbed and the curve steepened, with the 10-year up 4.1 basis points at 1.502%.

 

(Reporting by Fergal Smith; Editing by Andrea Ricci)

Continue Reading

Trending