According to McDonald's most recent annual report, the company's global sales rose by almost 11% in 2022, with nearly 6% of that in the United States. So what's behind the layoffs and how could they impact the broader economy?
McDonald's is closing U.S. offices this week and laying off hundreds of employees. Journalist Adam Chandler explained what the layoffs mean on Morning Edition.In recent corporate shakeups, Amazon, Meta, and Disney have all been downsizing their workforce. Now it seems that even the iconic burger chain, which has become synonymous with fast food worldwide, is feeling the pinch as McDonald's joins the list of companies announcing layoffs that will affect hundreds of employees.
As part of a much larger company restructuring, McDonald's Corp. has recently informed its employees about the impending layoffs and has temporarily closed all of its U.S. offices this week. The exact scale of the layoffs is still unknown.The news may have come as a surprise to fast food lovers who spent a lot of money at McDonald's last year.
Despite raising menu prices in response to inflation last year, McDonald's customers didn't seem to notice, as foot traffic increased by 5% in 2022.but are visiting McDonald's more frequently. Last year, Kempczinski had predicted a "mild to moderate" recession in the U.S. and a"deeper and longer" downturn in Europe.The layoffs at McDonald's are expected to impact corporate workers more significantly compared to frontline workers, who are more likely to earn minimum wages.There is a significant shortage of workers in the fast food industry.
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