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

France / Court rejects 75 percent tax on millionaires

France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit. The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 … Continue reading

Thailand / Civil Service Brain Drain

More than eight years have passed since Her Majesty the Queen lamented the effects of the brain drain caused by the mandatory retirement of civil servants at the age of 60. The Civil Service Commission agreed with her suggestions and in 2008 a legal amendment to the Civil Service Act was approved to allow a … Continue reading

France / Hollande Jobs Pledge Undermined

The French economy grew less than initially reported in the third quarter, signaling a recovery that may be too weak to help President Francois Hollande’s government reduce unemployment that’s at a 15-year high. Gross domestic product rose 0.1 percent, half the pace estimated on Nov. 15, statistics institute Insee in Paris said today. Data late … Continue reading

The Great Recession / 6.3 M children were living in families with an unemployed parent on average in 2012

“Economic conditions for children today are similar to those of a year ago—and much worse than they were in 2007. Millions of families with children have not yet regained ground lost during the recession.” write Julia B. Isaacs and Olivia Healy in The Recession’s Ongoing Impact on Children, 2012: Indicators of Children’s Economic Well-Being (Adapted choosen excerpts by … Continue reading

Lincoln Electric, Cleveland / Profit-Sharing and No Layoffs for 64 Years

Economics correspondent Paul Solman revisits Lincoln Electric, a welding manufacturing company based outside Cleveland, Ohio. Through its use of merit-based profit-sharing and a no-layoff policy, the firm is an unlikely Rust Belt success story that hasn’t laid off anyone for financial reasons since World War II. PAUL SOLMAN: A bright light in Rust Belt America: … Continue reading

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