Job Market Monitor
Michel Cournoyer
Kellogg / To cut about about 2,200 jobs
Kellogg says it plans to trim its global workforce by 7 percent, with the breakfast foods maker citing weaker-than-expected sales for the year. The maker of Frosted Flakes and Eggo waffles says it expects earnings per share for the year to be toward the lower end of its previous forecast. According to FactSet, Kellogg has … Continue reading
China / 86 percent overseas Grads find jobs within 6 months
The job market wasn\’t cold for overseas-educated talents who have returned to China, with 86 percent of them finding jobs within six months, according to a report released Monday. About 65 percent of returnees find jobs in three months, and 21 percent find employment between three and six months. Only 5.5 percent need more than … Continue reading
US Monetary Policy / Fed’s Bullard sees substantial progress in labor markets
There’s been “substantial progress” in the U.S. labor market, St. Louis Fed President James Bullard told CNBC on Monday. But inflation is low, he added—saying, “What’s the hurry” to taper the Federal Reserve’s massive bond-buying program. “The unemployment rate is down almost a full point from when we start this program in September 2012. We’ve … Continue reading
US / Concern as Environment Agency job cuts estimate rises to 1,700
Waste industry bodies have expressed concerns after the Environment Agency (EA) confirmed an estimated 1,700 staff are likely to be cut between now and October 2014 – higher and sooner than its previous estimates of 1,400 job losses up to 2016. According to an Agency spokeswoman, the current total headcount of staff is 11,400, which … Continue reading
Merck / Job cuts rise by 8,500 to 16,000
Merck job cuts mean the drugmaker is slashing about 20 percent of its workforce. 8,500 jobs will be added to the 7,500 Merck job cuts already announced, bringing the total to 16,000. Continue reading
US / Construction adds 20,000 jobs and unemployment hits six-year low
Construction employment rose by 20,000 in September, and the industry’s unemployment rate fell to a six-year low of 8.5 percent, while construction spending increased for the fifth consecutive month in August, according to an analysis of new government data by the Associated General Contractors of America. Association officials cautioned that the data does not address … Continue reading
US / ‘One-stop shop’ to attract foreign investment to generate jobs
The US launched a fresh effort Thursday to attract investment by foreign manufacturers and other businesses as the government seeks to pull down stubbornly high unemployment. President Barack Obama was to address 1,200 foreign and US business leaders in Washington as the White House tries to further lower barriers to foreign investment. White House officials … Continue reading
US / Jobless Claims drop but bigger gains in payrolls are needed
Fewer Americans filed applications for unemployment benefits last week as a backlog in California’s reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported today in Washington. The median forecast of 49 economists surveyed by Bloomberg called for a decrease to … Continue reading
US / Christina Romer: Use fiscal policy, the other main tool
In a fascinating speech last week at Johns Hopkins (via Matthew Klein), former Obama economic advisor Christy Romer proposes a totally different framework for stimulus. Essentially we lean on fiscal stimulus more, but we set it up so that it’s permanently flexible … and thus more like monetary policy. So when the economy goes to … Continue reading
Nevada / Up to 7,800 expected to be hired for holiday retail jobs
The Retail Association of Nevada said in a statement Wednesday that it expects hiring in Nevada to remain in line with that of 2012, which was up 2.6 percent compared to 2011. That translates to up to as many as 7,800 people across Nevada who are expected to be added to retail payrolls during the … Continue reading
Florida / Theme parks seeking 2,000+ workers
Central Florida theme parks are gearing up for the holiday season with plans to hire more than 2,000 workers, the Orlando Sentinel reports. Here’s a breakdown of the number of jobs each theme park plans on adding: SeaWorld Orlando is seeking about 200 workers for its three theme parks. It will be holding a job … Continue reading
Europe / Euro area unemployment rate at 12.2%, 24.1% for youth
The number of people out of work in the euro zone rose slightly in September, according to official data published on Thursday, showing that signs of renewed economic growth have not yet filtered through to the labor market. (via Jobless Rate in Euro Zone Stays at Record – NYTimes.com.) The Official Release The euro area (EA17) … Continue reading
Canada / Maclean’s 2014 Guide to Jobs is on sale
The new Maclean’s 2014 Guide to Jobs in Canada looks at where Canadians can find the best job opportunities, what they pay and the right schools to help them get there. Within the next three years, there will be 1.5 million skilled job vacancies in Canada and not enough skilled workers to fill them. Part … Continue reading
Unemployment in Europe / Worsening labour market matching and growing structural unemployment in a number of countries writes EC
There is evidence of worsening labour market matching and growing structural unemployment of persistent nature in a number of countries, notably those mostly affected by current account reversals and debt crises. Upward changes in structural unemployment rates appear to be mostly driven by persistently lower job finding rates ensuing from worsened labour market matching across skills and sectors, and an increased duration of unemployment spells the Commission concludes. Continue reading
US / Native Unemployment Rate has been over 10 percent for five years
While the unemployment rate for white workers peaked at 9.1 percent in 2010 and is now down to 6.1 percent, Native Americans have experienced double digit unemployment rates ever since 2008, according to an analysis from the Economic Policy Institute. Their current rate hovers over 11 percent. Chosen excerpts by Job Market Monitor. Read the whole … Continue reading
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