Job Market Monitor
Michel Cournoyer
Economic crisis has led to crisis in the field of macroeconomics writes Lawrence Summers
Economic crisis has led to crisis in the field of macroeconomics. The idea that depressions were a concept of only historic interest has been belied by the financial crisis and “Great Recession”. Figures 1a and 1b depicts the gap between actual and potential output estimated as of various dates for both the US and the … Continue reading
Lanxess – To cut up to 1,200 jobs
German chemicals maker Lanxess may slash up to 1,200 jobs, or about 7 percent of its total workforce, as part of a group-wide overhaul to counter overcapacity in the synthetic rubber industry, German daily Rheinische Post reported. The world’s largest maker of synthetic rubber plans to offer voluntary redundancy packages and early retirement schemes but … Continue reading
Singapore – Unemployment at 1.9 per cent
Unemployment in Singapore remained “low and steady” in the third quarter, despite an increase in layoffs due to business restructuring, the Ministry of Manpower said on Friday (Oct 31). The overall seasonally-adjusted unemployment rates held steady over the quarter in September – from 2 per cent in the second quarter to 1.9 per cent. Chosen … Continue reading
Latin America – Employment growth is likely to remain subdued for some time
Employment growth is likely to remain subdued for some time, as changes in labor markets typically lag those in the overall economy, and output growth is not expected to revert to the high rates of the “golden decade” anytime soon. In this context, unemployment rates will probably rise somewhat and real wage growth may well … Continue reading
Canada – The job market is experiencing more weakness than is implied by headline unemployment rate
A senior economist at the Toronto Dominion Bank has gone a step farther. Randall Bartlett has created an index that takes into account all of the unpublished or under-reported data that StatsCan, the Bank of Canada and the U.S. Federal Reserve collect to measure the health of the job market. He calls his yardstick the … Continue reading
US – Hiring of college graduates is expected to jump 16 percent
Hiring of college graduates is expected to jump 16 percent in the US, though the starting salaries will see only a modest growth, says a study. About 60 percent of employers said they will keep starting pay the same as last year for the newly minted degree-holders, the survey of more than 5,700 companies revealed. The … Continue reading
Australia – Foreign students find it extremely difficult to get professional work
International graduates find it extremely difficult to get professional work in Australia, despite having qualifications in areas of supposed skills shortages, a three-year study has found. The accounting, nursing and engineering graduates in the study encountered multiple barriers to getting a job, including a tough jobs market and local firms unwilling to take on staff … Continue reading
US – Generation Jobless: a conference
“A barrier today is the rigid ideology of our public discourse,” Marc Morial, president and CEO of the National Urban League said. Morial, a former mayor of New Orleans and Louisiana State Senator, was one of many leaders to speak Friday at Generation Jobless, a conference devoted to exploring the crippling unemployment crisis affecting younger … Continue reading
US – Minimum Wages by State in 2014
The table below reflects state minimum wages in effect for 2014, as well as future increases. Summary Minimum wages will go up in nine states on Jan. 1, 2015 because of indexed increases in their state law: Arizona, Colorado, Florida, Missouri, Montana, New Jersey, Ohio, Oregon, and Washington. 38 states introduced minimum wage bills during the … Continue reading
Canada – Precarious work has become the “new normal”
precarious work has become so entrenched it spans all age groups, gender, level of education and economic sectors, as recent research from the Poverty and Employment Precarity in Southern Ontario (PEPSO) project demonstrates. Far from a temporary situation, PEPSO shows how precarious work has become the “new normal.” While just about half of workers younger … Continue reading
Screening with LinkedIn – Certain information is a “consumer report” says a lawsuit
The popular social network was sued on Oct. 9, 2014, for alleged violations of the Fair Credit Reporting Act (FCRA). The class action, Sweet v. LinkedIn Corporation, filed in the Northern District of California, claims that LinkedIn’s reference checking services are essentially background screening functions that should be regulated by the FCRA. The case against … Continue reading
US – Just 63 percent of 20-24 years old were employed as of September 2014
Opportunity matters. But for many young Americans, opportunity is hard to come by. Young Americans have faced bleak job prospects for years, but the recession hit millennials particularly hard. Just 63 percent of Americans age 20-24 were employed as of September 2014, according to calculations based on Bureau of Labor Statistics data. In September 2000, … Continue reading
Germany – Unemployment rate at 6.7 percent in August for the eighth consecutive month
Germany’s unemployment rate fell to 6.3 percent in October as the labor market in Europe’s biggest economy continued to gain steam. The Federal Statistical Office said Thursday 2.733 million people were jobless in October, 75,000 fewer than in September, when the unemployment rate was 6.5 percent. Adjusted for seasonal trends, the jobless rate stood at … Continue reading
UK – 15.9% of households where no adults work
The percentage of households where no adults work was 15.9%, down 1.4 percentage points from a year earlier and the largest fall since comparable records began. The percentage of households where all adults work was 55.3%, up 1.5 percentage points from a year earlier. Of the regions in England and countries of the UK, the … Continue reading
What I wish I knew before I entered the workplace
what I wish I knew before I entered the workplace, and if I were writing a letter to the then me from the now me, what advice would I give myself?1. Start thinking about work earlier 2. Research and get advice 3. Get work experience 4. Good pay does not always = a great job … Continue reading
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Job Market Monitor 