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Mcdonalds drags wall street lower as UK falls behind in fast-track trade deal

Mcdonalds drags wall street lower as UK falls behind in fast-track trade deal

By Tom Brown in London, UK

LONDON – McDonald’s Inc (MCD) said Thursday that the number of foreign employees in the United States has dropped sharply in the past three years, after the U.S. economic recovery gained momentum last year. McDonald’s reported that the number of foreign workers in the U.S. has declined by nearly 35% over the past decade. The company said the decline in foreign workers could help explain the U.S. unemployment rate — down from 7.1% a year ago to the lowest level in five years. At the same time, wo온라인 바카라 사이트rkers at McDonald’s, which relies on the sales of its products in Asia for more than half of its sales, are more likely to be American workers than foreign. The c부산 출장ompany also expects those workers — who tend to be older and from lower-income backgrounds — to be more willing to accept lower wages or take shorter breaks, reducing the incentive to work late into the night.

McDonald’s in February announced plans to close 14 U.S. stores and lay off hundreds of workers in the U.S., citing U.S. jobs growth that is slowing and fears that Americans will leave the country because of the uncertainty surrounding the fiscal cliff. The U.S. unemployment rate now s성남출장샵tands at 8.6%.

In addition to reducing the number of foreign workers, the U.S. economy is also becoming more competitive. McDonald’s was forced to cut the number of U.S. restaurants it opened in the fourth quarter, even though its domestic sales increased by 11%, a sign that the U.S. economy is improving faster than other parts of the developed world.

The U.S. corporate tax rate on corporate profits in the U.S. dropped to 12.8% in April from 15%, the first time it has fallen in 12 years, from 15% the previous year.

The U.S. House of Representatives voted Tuesday to raise taxes on individuals and corporations earning more than $250,000, the same as last month. The tax increases would raise $1.3 trillion over the next decade.