Last week's US employment data boosted confidence that the Fed could finally deliver its first rate hike next month. The US has grown over 2 mln. jobs this year with the rise in minimum wage seemingly having little overall deterrent effect. Australia's jobs data on Thursday sent the Aussie up over a cent. Labor-market reforms have been implemented in France, Italy, Spain and Portugal. With insufficient aggregate demand, there is much attention on labor markets globally.
Someone sent me a chart of the top-ten employers and I managed to track it down to a post in June on the World Economic Forum by Henry Taylor.
I was surprised to learn that the US Department of Defense is the largest employer globally. China's army is a distant second. India's military is the eighth largest employer. Seven of the top ten are either parts of governments or state-owned enterprises.
Wal-Mart (N:WMT) is the largest private-sector employer followed by McDonald's (N:MCD). US, China and India are highly represented, but Europe not so much. In fact, the only non-Asian or non-American entity is the UK's National Health Service -- often thought to be among the largest employers but in actuality, is in fifth place on this list.