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CKE Restaurants CEO Andrew Puzder on the state of the U.S. job market and how it is affected by the health-care law.
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Job growth that might surprise you.
Bob many employers are cutting back these days restaurants across the country are heading towards their strongest year of hiring in nine years just to give you a taste.
American about the -- a whopping 61 billion times this year.
In the industry is set to rake in over 600 billion dollars in sales.
For more any postured CEO CKE restaurants joins me now -- welcome back to show it's always great to CO.
-- what's your your -- thanks what's going on here I thought the consumers were.
You you know not in a great mood not spending money but they -- spending money on eating out why.
Well there's a couple of things one is look.
In a recession you may not buy a new shirt demand are buying new address -- may not be may put off buying that new car.
But you're not gonna put off a meal.
And with particularly fast food which is what quick service restaurants which is what Carl's junior and hardee's.
You can get you know black Angus beef burger chicken tenders and got Turkey -- you've got made from -- biscuits you've got really great food you can get probably not as inexpensively as it would take to make it at home and you don't have to spend the time I'll.
I -- that your work -- and that's that's -- kind of recession proof.
My mouth was watering even as he's saying it is 638 after all.
Here's some numbers that I think people should hear so restaurant 645000.
Jobs added since March 201013.
Million -- -- that is 10% of the US workforce.
Expected at one point four million jobs in the next decade.
Now this is against a backdrop of an employment report on Friday that was disappointing at best what did you make of the numbers of the reported was -- Highly controversy -- What -- the the obviously the number that you're talking about is what's called the household survey yeah -- show that there were 874000.
Jobs created.
The establishment survey which really is establishment survey looks at a 141 businesses and government -- And come just I think within more stable number in the household -- and much more volatile number they look at 60000 households.
I think the most interesting thing about the household survey in this story relates directly to the restaurant and other industries.
With large numbers of employees was the fact that two thirds of the 873000.
People 582000.
Of the those jobs.
Were part time jobs and I think that kind of shocked everybody if you look back in March.
We had seven point seven million people.
Who were working part time looking for full time Howard eight point six million people why can't tell you about the strength of this economy and -- But that said -- what -- tell what what it tells us and our industry quite honestly is that they're under obamacare which were all contemplating will take effect now since the Supreme Court decision.
If you have a part time employee.
You don't get the you don't incur the cost the Obama care costs so.
If you've got and -- -- this working forty hours and and the employee quits or retire source terminated for cause you have a choice you can hire another forty hour a week employee.
And incur those cost the cost of obamacare or you can hire two employees had each worked twenty hours a week and you don't have those incredible cost and therefore you can.
Grow your restaurant you can create jobs you can do the things that businesses like to do.
So when you look at these numbers it's good to keep in mind that part of what's going on -- a lot of employers and not just the restaurant industry but across the country.
As good as employers are leaving their hiring two part time to fill the position of one full time.
So looks like you're creating jobs but you're really taking one job and breaking it into.
So I think there's there is strength in the restaurant industry don't get me wrong there are people are continually -- we're doing fine.
But we've got a we've got a problem with these numbers and it's in those part time workers are becoming a part time.
Employed country and.
That that's not I couldn't handle that's not a good move now is not intercluster thanks for coming on tonight it's always a pleasure to see you come back sound.
Banks.
