Job Market Monitor
Michel Cournoyer
Heinz in Canada / 250 workers would keep their jobs consortium with an agreement to buy
H.J. Heinz Co. reached a deal to sell a factory in Canada that the Pittsburgh company planned to close in restructuring North American operations. Heinz said on Thursday that Highbury Canco Corp., a Toronto-based consortium of investors including the plant’s manager, agreed to buy the Leamington, Ontario, plant and become a contract manufacturer for some … Continue reading
US – Yellen backs CBO’s minimum wage report
Federal Reserve Chairwoman Janet Yellen in Senate testimony subtly slapped the White House, which criticized a recent Congressional Budget Office report on the minimum wage, saying it didn’t represent a consensus among economists. The CBO report said raising the minimum wage would lift 900,000 people out of poverty, but would also lead to the elimination … Continue reading
US – The White House economic case for raising the minimum wage
The minimum wage helps support family incomes, reducing inequality and poverty, but as a slide deck from the Council of Economic Advisers shows, as the real value of the minimum wage has been allowed to erode, it has stopped serving this important purpose. via The Economic Case for Raising the Minimum Wage. Related articles Minimum Wage … Continue reading
Novartis – Up to 3,000 job cuts in just 4 months
Unlike every other Big Pharma company in the world, Novartis ($NVS) tends to prefer to communicate rather selectively when it chops a facility here or winnows out its ranks over there in its global structure. Specifics on the secretive Basel-based company tend to leak out through local reports, if at all, with releases targeted at … Continue reading
France – Hollande’s hiring targets in doubt
French unions and employers start talks on Friday over how to cut social charges weighing on companies, though both sides doubted the cuts could be linked to hiring targets as President Francois Hollande first promised. The government hopes the parties will agree by early April on the terms of Hollande’s so-called “responsibility pact”, which aims … Continue reading
LinkedIn / Nasty rejection goes viral
Blazek’s response to an e-mail and LinkedIn request from Diana Mekota, a 26-year-old planning to move to Cleveland this summer, has made the rounds on Reddit, Buzzfeed and other viral hotspots after Mekota posted it to her Imgur account. And the resulting backlash is yet another cautionary tale about how posting something mean-spirited … Continue reading
US Job Market / A slow recovery reflecting slow growth in demand says CBO
The deep recession that began in December 2007, when the economy began to contract, and ended in June 2009, when the economy began to expand again, has had a lasting effect on the labor market. More than four and a half years after the end of the recession, employment has risen sluggishly—much more slowly than … Continue reading
Wells Fargo / To cut 700 jobs in mortgage
Wells Fargo said Wednesday that it will lay off 700 workers, adding to the tens of thousands who have lost their jobs industry-wide after rates jumped last year. The San Francisco bank said the cuts included 203 employees in the Minneapolis-St. Paul Area, according to my colleague Jim Hammerand at the Twin Cities Business Journal. … Continue reading
Jobs Returning To US / Several factors have changed
Over the last decade, several factors have changed such that onshoring of jobs by U.S. companies and offshoring by foreign companies will continue to increase significantly over the coming decade: The rising cost of labor in China. The rising strength of China’s currency. Wage rates in the United States. Fuel and Production Costs. Changing Perceptions. … Continue reading
Jobless Claims in US / 14,000 to 348,000 in the week ended Feb. 22, one-month high
More Americans than forecast filed applications for unemployment benefits last week, a sign the labor market is improving in fits and starts. Jobless claims increased by 14,000 to 348,000 in the week ended Feb. 22, exceeding all forecasts in a Bloomberg survey and the highest level in a month, from 334,000 in the prior period, … Continue reading
Germany / Unemployment rate down at 5%
Germany’s unemployment rate declined in January, figures published by the Federal Statistical Office revealed Thursday. The seasonally adjusted ILO unemployment rate dropped to 5 percent in January from 5.1 percent in December. In January last year, the jobless rate was 5.4 percent. The number of unemployed persons in Europe’s largest economy decreased to around 2.14 … Continue reading
Best Buy in US / To cut 2,000 managers
Best Buy Co. Inc. apparently told about 2,000 managers around the United States on Wednesday that they were being laid off, a move that would be the company’s biggest job reduction since July 2012 as it continues to cut costs following a weaker-than-expected holiday season. The layoffs will affect about 1.4 percent of Best Buy’s … Continue reading
Canada / Men who had obtained a bachelor’s degree by 1991 had earned $732,000 more than those whose education ended at a high school diploma, women$ 448,000
A new study that followed a group of men and women for two decades reports that over the study period, men who had obtained a bachelor’s degree by 1991 had earned, on average, $732,000 more than those whose education ended at a high school diploma. For women, the difference between the two groups was $448,000. Using longitudinal tax … Continue reading
Manufacturing in Ontario / Some 300,000 jobs lost over the past decade
Ontario’s manufacturing sector was once the bedrock of the province’s economy. But over the past decade the sector has lost some 300,000 jobs and its share of GDP has declined sharply. Whereas in 2002 the sector accounted for 8.9 per cent of Canada’s GDP and 21.7 per cent of Ontario’s, it now accounts for just … Continue reading
Sony in US / Closing 20 stores and cutting 1,000 jobs
Sony warned earlier this month about significant and serious reorganization changes coming this year, and now they’re becoming a reality for many employees in the United States. The consumer tech giant announced on Wednesday morning that it will be shuttering 20 stores. This in turn will result in approximately 1,000 layoffs at these locations nationwide. … Continue reading
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