Job Market Monitor
Michel Cournoyer
US Jobs Gap in March 2014 – 7.4 million jobs says the Hamilton Project
As of the end of March 2014, our nation faces a jobs gap of 7.4 million jobs. This chart shows how the jobs gap has evolved since the start of the Great Recession in December 2007, and how long it will take to close under different assumptions for job growth. If the economy adds about … Continue reading
US – Labor Force Participation Rate Update
A significant decline in the participation rate had been expected, and probably half or more of the recent decline in the participation rate was due to changing demographics (and long term trends), as opposed to economic weakness. A few key long terms trends include: • A decline in participation for those in the 16 to … Continue reading
Korea – Youth unemployment blues
Key economic indicators seem to point toward Korea making a solid recovery. The country’s output has been growing thanks to exports. Its consumer spending has picked up on the back of growing welfare financing by the government. Still, Asia’s fourth-largest economy is finding it hard to create jobs for college graduates, even while they pull … Continue reading
March Job Report in Canada – Employment increased by 43,000 and UR at 6,9%
Employment increased by 43,000 in March, driven by gains among youths. The unemployment rate declined 0.1 percentage points to 6.9%. Overall employment growth in Canada has been subdued since August 2013. Compared with March 2013, the number of people working rose by 190,000. Over this 12-month period, employment and the number of hours worked grew at the same pace, that is 1.1%. Chart 1 Employment In … Continue reading
March Job Report in US – Good news, total nonfarm payroll employment rose by 192,000 and UR unchanged at 6.7 percent
Total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate was unchanged at 6.7 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in professional and business services, in health care, and in mining and logging. Household Survey Data In March, the number of unemployed persons was essentially unchanged at … Continue reading
Jobless Claims in US – Increased 16,000 to a seasonally adjusted 326,000
While a third report showed an increase in the number of Americans filing new claims for unemployment benefits last week, the underlying trend in the data continued to point to some strength in the labor market. Initial claims for state unemployment benefits increased 16,000 to a seasonally adjusted 326,000, the Labor Department said. The four-week … Continue reading
Montreal – To cut 2,205 jobs over 5 years
The city of Montreal plans to reduce staffing by 2,205 posts over the next five years, Mayor Denis Coderre announced at a press conference Thursday morning. In his first major move since his appointment to the director general post in December, Alain Marcoux is recommending the city abolish one out of every two posts that … Continue reading
Renault’s Pact with Union – To cut 2,500 jobs in first year
Renault (RENA.PA: Quote) has cut about 2,500 jobs in the first year of a productivity deal with French unions and is on course to meet its savings goals, the carmaker said on Thursday. “We’re at about one-third of the objective” of 7,500 positions to be eliminated under the three-year plan, the carmaker’s head of French … Continue reading
Asia – The evolution of income distributions, inequality, and poverty between 1992 and 2010
The incidence of poverty in the Asian region is quite high despite the spectacular growth performance of the PRC, India and other economies in the region. According to the 2013 World Development Indicators, 12.5% of the population in East Asia and 31% of the population in South Asia are below the $1.25/day poverty line used … Continue reading
US – Using Twitter to forecast jobless claims
A surprising number of people filed initial claims for unemployment benefits last week, at least if you believe an index based off Twitter. Economists at the University of Michigan have developed a technique that scans billions of tweets, looks for people tweeting about losing their jobs and then creates a prediction for the Labor Department’s … Continue reading
March Job Creation in US – Gallup’s Index reaches six-year high
Gallup’s Job Creation Index, based on employee reports of hiring and layoff activity at their workplaces, reached a six-year high of +23 in March, nearly tying the +24 recorded in March 2008. The index for March is two points higher than it was in February, and shows a six-point improvement from last March. Chosen excerpts … Continue reading
Gender Gap in India – Tata Group to double female staff
The Tata Group is rolling out an “unprecedented” HR transformation that will eventually impact over half-a-million employees spread across more than one hundred operating companies. Apart from looking to induct over one lakh female employees and nurturing a sizeable number into leadership roles, the group also plans to take a re-look at how it grooms … Continue reading
Italy in February 2014 – 3.307 million unemployed
In February 2014 22.216 million persons were employed, -0.2% compared with January 2014. Unemployed were 3.307 million, +0.2% with respect to the previous month. In order to improve the timeliness of statistical information on the Italian labour market and in accordance with the agreements made within the European Union, Istat publishes monthly estimates of the … Continue reading
Germany – The number of jobless remained above 3 million
Unemployment in Germany fell in March, according to the latest figures from the Federal Employment Agency (BA), but the number of jobless remained above 3 million. The positive trend, albeit a slight one, left overall unemployment in Germany at 7.1 percent, one of the lowest in the 18-nation eurozone. Compared to one month ago, some … Continue reading
ATT – Over 3,000 hires
AT&T* will hire more than 3,000 retail sales and sales management employees nationwide over the next several months. The new employees are needed to meet increased customer demand in the company’s growing retail business. “AT&T’s award-winning retail team is focused on delivering an extraordinary customer experience with every interaction,” said Paul Roth, president of retail … Continue reading
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