48.6% ofSpaniardsAged 18-24 WouldTakeAny Job, Anywhere, forLowWages; IkeaSpainGets 100,000 Applicantsfor 400 Jobs; Walmart, McDonaldsComparison
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In contrast to McDonalds’ workers in the US demanding $15 an hour wages, AlmosthalfofyoungSpaniardsacceptany job, anywhere, despitelowsalary
48.6% of Spaniards aged 18 to 24 said they would accept any job, anywhere and even with a low income. 84.9% felt very or fairly likely to have to work on what is available, 61.7% considered it equally likely to have to go abroad, and 79.2% said they need to study more. Despite this, an overwhelming majority (80%) are convinced that, at least in the near future, will have to be financially dependent on their family.
FutureisBlack
Young Spaniards recognize enjoy the benefits of the welfare state far more than their parents, except as regards stability and security. They are also convinced that their children will live much worse than them.
FrustratedExpectations
Only 20% of young people believe things will improve in the next two or three years, compared to 36% who think it will get worse. Moreover, nearly three in four young people (71%) considered likely to find little or no work in the coming year.
IkeaSpainGets 100,000 Applicantsfor 400 Jobs
Also via translation from El Economista, please consider IkeaSpainGets 100,000 Applicantsfor 400 Jobs
The Swedish multinational Ikea will have work to select staff for a store in Valencia because 100,000 people submitted applications to fill 400 jobs.
Ika received a total of 100,000 job applications through a web page offering. In the first 48 hours of processing, Ikea received 20,000 applications.
The store, which will open in summer, will have a staff of 400 employees and also generate about 80 indirect jobs to cover services such as security, transport and cleaning, among others.
Walmart, McDonaldsComparison
To be fair, there is a major difference between McDonalds’ employees and Spaniards seeking jobs.
The McDonalds’ employees demanding higher wages have jobs. Those seeking jobs, don’t.
However, every McDonalds’ employee knew their wage when they were hired. Like Spaniards willing to accept low wages, they took the jobs anyway.
1 Million McDonalds Applicants
I cannot find anything recent on McDonalds, but on April 28, 2011, Bloomberg reported "McDonald’s and its franchisees hired 62,000 people in the U.S. after receiving more than one million applications, the Oak Brook, Illinois-based company said today in an e-mailed statement. Previously, it said it planned to hire 50,000."
Walmart 23,000 Applicants for 600 Jobs
On November 19, 2013 NBC Washington reported Walmart to Open First D.C. Stores Dec. 4
Walmart’s H Street and Georgia Avenue locations will open Dec. 4 at 8 a.m. Both the 103,000-square-foot Georgia Avenue store and the 74,000-square-foot H Street location will feature fresh produce, a deli, organic food items and a full-service pharmacy.
The stores will hire a combined 600 associates after combing through the more 23,000 applications its received from potential employees.
The arrival of Walmart has not been a smooth one. Both stores were on the verge of never opening after the retail giant threatened to pull its plans if Mayor Vincent Gray signed a living wage bill.
The Large Retailer Accountability Act, known colloquially as the "Walmart Bill," would have required the company — and other big-box retailers — to pay its employees a minimum of $12.50 an hour.
Gray vetoed the bill in September.
Minimum wage in the District currently stands at $8.25 an hour.
Reflections on Living Wages
Take a poll of those employees. I bet 100% of them are happier to have a job at $8.25 an hour vs. no job at some presumed "living wage" that they would not get because there were no jobs.
Of course, now that they have a job and should be happy, some union activist is going to try to convince them they shouldn’t be happy.
The Real Problem
Other than a couple of like-minded Austrian bloggers, no one has bothered to complain about the real problem: The Fed pumping money supply like mad, while holding interest rates low.
Five Results
Prices rising faster than wagesGrossly distorted income inequalitiesNon-existent price signalsInterest rates that encourage hardware and software solutions to eliminate employeesEquity and bond market bubbles
I blasted the Fed regarding these issues early Friday.
For details and truly educational reading, please see Money as Communication: A Purposely "Non-Educational" Fallacious Video by the Atlanta Fed.
Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
Mike "Mish" Shedlock is a registered investment advisor representative for SitkaPacific Capital Management. Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction. Visit http://www.sitkapacific.com/account_management.html to learn more about wealth management and capital preservation strategies of Sitka Pacific.
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