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Structural Unemeployment | In the long run we are all dead and in the short run, there is a lot of pain
Krugman: So now we’re in another depression, not as bad as the last one, but bad enough. And, once again, authoritative-sounding figures insist that our problems are “structural,” that they can’t be fixed quickly. We must focus on the long run, such people say, believing that they are being responsible. But the reality is that … Continue reading
Unemployment Insurance Weekly Claims Report : An insignificant drop but might indicate a return to a declining trend
SEASONALLY ADJUSTED DATA In the week ending May 5, the advance figure for seasonally adjusted initial claims was 367,000, a decrease of 1,000 from the previous week’s revised figure of 368,000. The 4-week moving average was 379,000, a decrease of 5,250 from the previous week’s revised average of 384,250. The advance seasonally adjusted insured unemployment … Continue reading
India | SKS to cut 1,200 jobs
SKS Microfinance Ltd(SKSM.NS), the only listed microfinance company in India, said on Thursday it planned to reduce its headcount by a third and shut some branches in Andhra Pradesh state amid mounting losses. SKS’ business in Andhra Pradesh, which was a microfinance hub earlier, has been hit after the state government imposed a set of … Continue reading
U.S. | Rising innequalities in the United States was a root cause of the financial crisis
As noted by The Economist, “[s]everal prominent economists now reckon that inequality was a root cause of the financial crisis.” Indeed, in recent years there has been a proliferation of analyses supporting this view writes Till van Treeck in Did inequality cause the U.S. financial crisis? published on boeckler.de. The explanation is straightforward: As the benefits of rising … Continue reading
Australia | Unemployment rate at 4.9% : 12-month low as people stop looking for a job
TREND ESTIMATES (MONTHLY CHANGE) Employment increased to 11,484,200. Unemployment decreased to 614,200. Unemployment rate steady at 5.1% from a revised March 2012 rate. Participation rate steady at 65.2% from a revised March 2012 rate. Aggregate monthly hours worked increased to 1,624.1 million hours. SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) Employment increased 15,500 (0.1%) to 11,501,000. Full-time … Continue reading
Shadow economies | A declining trend over time with and a spike staring in 2007
Shadow economies – sometimes called the black market or informal economy – exist in every country. But how big are they? This column presents some new approaches to estimating their size and uses them to compare shadow economies across rich and poor countries over the last 60 years write Ceyhun Elgin and Oguz Oztunali on Vox. … Continue reading
Industrial countries can act as if all is well or treat the crisis as a wake-up call
In August 2005, Raghuram Rajan, an economist at the University of Chicago’s Booth School of Business, predicted the financial crisis. And he did it at possibly the least friendly of venues: a conference of high-powered economists who had convened in part to honor Federal Reserve Chairman Alan Greenspan. Rajan presented a paper titled “Has Financial … Continue reading
The overlapping structural problems
There are several overlapping structural problems writes David Brooks on NYTimes.com. The country is divided when different people take different sides in a debate. The country is really divided when different people are having entirely different debates. That’s what’s happening on economic policy. Many people on the left are having a one-sided debate about how to deal … Continue reading
Focus on jobs, not the budget deficit says Krugman
Paul Krugman has a simple message for U.S. policymakers: Forget about the country’s huge budget deficit. It can be fixed over the next decade. Focus instead on the much more immediate problem of mass unemployment. “It’s not true we’re going over a cliff on fiscal problems,” the Nobel Prize-winning economist said in an interview with … Continue reading
University of Miami medical school | Up to 800 layoffs
The University of Miami medical school plans to lay off up to 800 workers in administration and research to deal with reduced government and private funding Up to 800 people will lose their jobs under a major restructuring at the University of Miami medical school, President Donna Shalala said Tuesday. State budget cuts, less research … Continue reading
Australia | 4200 goverment jobs slashed
Thousands of Canberra-based public servants will lose their jobs to help get the economy back in the black, under a federal budget that pushes a new round of middle-class welfare initiatives. In the biggest attack on the federal bureaucracy since the late 1990s, when John Howard came to power and put the ACT into recession, … Continue reading
Gender segregation in science career | Boys have more confidence in their science ability
NO matter how much money and thought the government puts into encouraging students at all educational levels to choose the hard subjects of science and mathematics, it will be tough to overcome the “girl nerd” factor reports The Australian in ‘Girl-nerd’ factor stops women taking ‘boy’ jobs. Joanna Sikora and Artur Pokropek explore gender segregation of adolescent science … Continue reading
Job Statistics | A 200,000 gap makes the Job Report meaningless
Last Fridays’s Bureau of Labor Statistics release said 115,000 new jobs were created in April. However, if you read the footnotes, what Friday’s report really says was that the BLS is 90% certain that April new jobs were between 15,000 and 215,000. Mind you, the BLS did not say 100% only 90% certain. That means … Continue reading
Wind Industry | 8,600 jobs in UK
8,600 jobs were provided by the onshore wind industry in 2011, with £548 million added to the UK economy, according to a joint study published today by RenewableUK and the Department for Energy and Climate Change (DECC). The report takes 18 case studies of wind farms of varying sizes across the UK ranging from 0.5MW … Continue reading
China education system is overtaking many Western countries
China’s results in international education tests – which have never been published – are “remarkable”, says Andreas Schleicher, responsible for the highly-influential Pisa tests. These tests, held every three years by the Organisation for Economic Co-operation and Development, measure pupils’ skills in reading, numeracy and science. Pisa tests – the Programme for International Student Assessment … Continue reading
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