Job Market Monitor
Michel Cournoyer
Recent Immigrants in Canada – 14 per cent of university-educated are unemployed, 3.3 per cent for Canadian-born university grads
Except today, the prospects for Canada’s most highly educated new Canadians is far more dismal. Unemployment levels for recent immigrants with university degrees hit their highest point since June, 2010 last month. According to data Statistics Canada crunched for Global News, 14 per cent of university-educated immigrants who’ve come to Canada in the last five years are … Continue reading
Italy – Youth unemployment rate (aged 15-24) was 43.7% in June
In June 2014 22.398 million persons were employed, +0.2% compared with May 2014. Unemployed were 3.153 million, -2.4% with respect to the previous month. Employment rate was 55.7%, +0.2 percentage points with respect to May 2014, unemployment rate was 12.3%, -0.3 percentage points over the previous month, and inactivity rate was 36.3%, unchanged over May. … Continue reading
Germany – Unemployment drops for first time in three months
German unemployment fell for the first time in three months in a sign that Europe’s largest economy is gathering pace after a second-quarter slowdown. The number of people out of work dropped a seasonally adjusted 12,000 to 2.9 million in July, the Nuremberg-based Federal Labor Agency said today. Economists forecast a decline of 5,000, according … Continue reading
Singapore – Unemployment rates in Q2 hold steady at 2.0 per cent
Overall unemployment rate in Singapore remained at 2.0 per cent, but total employment growth slowed in June, according to the Ministry of Manpower’s figures. Fewer workers were laid off from April to June, when compared to the previous three months. Preliminary estimates released by the Manpower Ministry’s Manpower Research and Statistics Department on Thursday (July … Continue reading
Ireland – Unemployment rate hits five-year low of 11.5%
The number of people signing on the Live Register fell again this month as conditions in the labour market continue to improve. The latest set of figures from the Central Statistics Office (CSO) showed the number of claimants on the register dropped by 3,400 in July, the 25th consecutive monthly drop. As a result, the … Continue reading
Philippines – 1.65 million more employed in April from a year ago
From 37.01 million in April 2013, the number of employed Filipinos rose to 38.66 million during the same period this year, or an increase of 1.65 million jobs nationwide. This was reported on Wednesday by Labor Secretary Rosalinda Baldoz, citing the April 2014 Labor Force Survey of the Philippine Statistics Authority (PSA). Barring any major … Continue reading
US – Evidence demonstrating a skills shortage is not found in wage data
To an economist, the most accessible and persuasive evidence demonstrating a skills shortage should be found in wage data. If employers urgently need workers with skills in short supply, we expect them to offer higher pay to prospective new employees who possess the skills. When workers with crucial skills are offered better wages by expanding … Continue reading
Unemployment in Europe in June – 11.5% for the Euro Area, 10.2% for the EU28 and 5.129 million young persons under 25
The euro area (EA18)* seasonally-adjusted unemployment rate was 11.5% in June 2014, down from 11.6% in May 20144, and from 12.0% in June 2013. This is the lowest rate recorded since September 2012. The EU28 unemployment rate was 10.2% in June 2014, down from 10.3% in May 2014, and from 10.9% in June 2013. This … Continue reading
Jobless Claims in US – Rise by 23,000 to 302,000
The number of U.S. workers claiming unemployment aid rose last week after sinking to a 14-year low earlier in the month. Initial claims for unemployment benefits increased by 23,000 to a seasonally adjusted 302,000 in the week ended July 26, the Labor Department said Thursday. The figures were slightly better than expected. Economists surveyed by … Continue reading
Amgen (Biotechnology) – To cut between 2,400 and 2,900 jobs
Biotechnology company Amgen (IW 600/67) announced Tuesday that it will cut between 2,400 and 2,900 jobs and shutter two facilities in the United States in a reorganization to save money. Amgen (AMGN) plans to close facilities in Washington and Colorado as it cuts 12% to 15% of its workforce, with most of the job losses … Continue reading
Coding in EU – Skills shortage of 900,000 coders by 2020
The European Commission (EC) has warned that we face a shortage of 900,000 coders by 2020. The number of computer science graduates is not keeping pace with demand for coding skills, the EC warned this week, as it tries to encourage young people to take up coding over summer. It also said that the number … Continue reading
Announced Job Cuts in IT – Up 68 percent in the first half of 2014, without counting those by Microsoft
Even before Microsoft announced plans to reduce its workforce by 18,000, a new report shows that job cuts in the technology sector were well ahead of last year’s pace. Through the first half of 2014, employers in the technology sector announced plans to cut payrolls by 48,402, 68 percent more than the 28,883 announced layoffs … Continue reading
Hiring – Employee referrals and internal employees (with 42% of jobs) are the two main source
Employee referrals is still a dominant source of new hires: 25% of new hires results from these referrals. One out of 10 referred candidates gets hired The really interesting new finding is that the lion’s share of jobs is now filled by internal employees! Fully 42% of jobs are filled this way. You can understand … Continue reading
Inflation and Unemployment in US – The flattening of the Phillips curve
I’m thinking about the rest of us, starting at the top—with the Fed—who are struggling to figure out the nature of the tradeoff as the Fed begins to contemplate unwinding. Given Chair Yellen’s (very appropriate) focus on job-market slack and thus her up-weighting of the full employment side of the mandate, there’s clearly some anxiety … Continue reading
South Africa – Unemployment at 25.5 in Q2 with our counting the 2,419,000 discouraged job seekers
The unemployment rate increased by 0.3 percent between the first and second quarters of this year to reach 25.5 percent, Statistics SA said yesterday. The increase in the number of unemployed has resulted in an increase in the unemployment rate above pre-recessionary levels. The Quarterly Labour Force Survey revealed that almost 5.2 million people were … Continue reading
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