Job Market Monitor
Archive for December 2012
India / Factory Jobs up by 7.8%, wages by 18.1% in 2010-11: Survey – The Economic Times
The number of jobs in industries increased by 7.8 per cent while wages rose by 18.1 per cent in real terms in 2010-11, a government survey has said. Total persons engaged in different industries were 1.27 crore in 2010-11 compared to 1.17 crore in 2009-10, according to the Annual Industries Survey released by the Ministry … Continue reading
US / Top Miminum Wage will rise by 1.2 Big Mac per week to $10.55
The highest minimum wage in the nation is set to rise again in 2013, as San Francisco’s low-end compensation rate will increase from $10.24 to $10.55 per hour. In 2003, voters approved a local ordinance tying the minimum wage to the regional rate of inflation in San Francisco, Oakland and San Jose. Set at $8.50 … Continue reading
Fiscal Cliff / A Reminder
What is causing all the sturm und drang? Is this really a Mayan apocalypse of expiring tax breaks and sequestered spending cuts. Hardly — here is what we are discussing, in terms so simple even a congressman could understand it: • Bush tax cuts expire; tax rates revert to Clinton-era levels. Recall this was originally designed to get rid … Continue reading
Public Debt / The situation has been far worse after WWII
Figure 1 provides a broad historical perspective of debt developments in advanced, emerging, and low-income economies. Debt levels in advanced economies (now the G20) averaged 55% of GDP over 1880–2009, with a number of peaks and troughs that correspond with key historical events along the way. – During the first era of financial globalisation (1880–1913), … Continue reading
Income inequality: US vs the Roman Empire
Since too much inequality can foment revolt and instability, the CIA regularly updates statistics on income distribution for countries around the world, including the U.S. Between 1997 and 2007, inequality in the U.S. grew by almost 10 percent, making it more unequal than Russia, infamous for its powerful oligarchs. The U.S. is not faring well … Continue reading
Inequality on the rise in most OECD countries
“In the three decades prior to the recent economic downturn, wage gaps widened and household income inequality increased in a large majority of OECD countries. This occurred even when countries were going through a period of sustained economic and employment growth” writes the OECD in its 2011 report An Overview of Growing Income Inequalities in OECD Countries. … Continue reading
Taiwan / 82 % of office workers plan to change jobs in 2013
Up to 82.33 percent of Taiwan’s office workers want to land a new job before the Lunar New Year, which falls on Feb. 10, 2013, because of the economic slowdown, the results of a survey released on Friday showed. Among those interested in getting a new job, 36.7 percent said they were planning to do … Continue reading
Hurricane Sandy / It had an impact on mass layoffs finds the BLS
Employers took 1,759 mass layoff actions in November involving 173,558 workers as measured by new filings for unemployment insurance benefits during the month. Mass layoff events increased by 399 from October, and the number of associated initial claims increased by 42,385. Mass layoff data for November reflect the impact of Hurricane Sandy on workers in … Continue reading
Cuba / State payroll cut as number of private-sector jobs rises
Cuba’s drive to slash state payrolls and spur private-sector growth picked up surprising steam in 2012 as President Raul Castro moved ahead with reforms to the Soviet-style economy, according to figures unveiled recently with little hoopla. The number of private or “non state” workers rose 23 per cent in 2012, while state sector employment dropped … Continue reading
India / Over a million jobs in India will be created in 2013, reversing the Brain Drain
Many new jobs are expected to open up in India in the coming year, offering opportunities to home-sick Indian expats who long for a job back home. Ushering in 2013, estimates show that the country may see more than a million jobs being created over the course of the next 12 months. The country suffered … Continue reading
