McDonald's says it plans to open 1,000 new restaurants next year

Andrew Torgan
CNN Financial News Producer

President Obama, facing a nationwide unemployment rate north of 10%, said today he's organizing a White House jobs summit next month.

The president said people are “desperately searching for work” and that the government has “an obligation to consider every additional responsible step we can” to get people back to work.

He said the summit in December will bring together CEOs, small business owners, economists, financial experts and representatives from labor and non-profits groups to talk about how to get job creation back on track.

President Obama’s comments followed some encouraging signs out this morning on both the labor and housing fronts.

The number of Americans filing first-time claims for unemployment insurance fell last week to their lowest level this year. And foreclosure filings were down 3% in October, the third consecutive month-over-month dip.

Initial jobless claims dropped by 12,000 to 502,000 in the week ended Nov. 7. That’s the fewest number since the week ended Jan. 3, when 488,000 initial claims were filed.

The president called that “a hopeful sign,” but he also said that finding jobs for the millions without them remains one of his administration's greatest challenges.

In addition, the Labor Dept. said 5.63 million people filed continuing claims in the week ended Oct. 31, the most recent data available. That was down 139,000 from the preceding week's revised 5.77 million claims.

As for those foreclosure filings, the 3% decline in October followed a 4% drop in filings during September and a 1% dip in August. Still, foreclosure rates remain elevated from a year ago: They're up 18% compared with October 2008.

Mixed results from the world’s largest retailer today. Wal-Mart reported third-quarter profits that beat analysts' estimates, boosted by inventory reductions and other cost-cutting measures.

However, Wal-Mart's same-store sales declined 0.4% in the quarter as Americans continue to spend very cautiously. Same-store sales measure sales at stores open at least a year, and are a key measure of a merchant's performance.

Wal-Mart also issued a disappointing same-store sales forecast for the fourth quarter, which includes the crucial holiday shopping season.

Another company that dominates its respective landscape, McDonald's says it plans to open 1,000 new restaurants next year and renovate 2,300 existing locations.

At a meeting of company investors today, the fast-food giant said it would focus on opening new restaurants primarily in the U.S., Germany, France, Russia, China and Australia.

Specifically, McDonald's plans for 150 new U.S. locations plus: 260 in Europe; 490 across Asia, the Middle East, Africa and Australia; 80 in Latin America; and 20 in Canada.

Beating Congress to the punch, the Federal Reserve today released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.

Starting on July 1, 2010, all banks will have to ask their customers to opt in to overdraft protection plans for ATM and debit card transactions.

Some banks charge as much as $39 when customers overdraw their bank account by even a few dollars.

Currently, more than 75% of banks automatically sign customers up for overdraft programs, according to a study by the Federal Deposit Insurance Corp.

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