Job Market Monitor
Michel Cournoyer
Quebec / Alcoa and Alcan postpone smelter upgrades with impacts on jobs
With an aluminum market weighed down by surpluses, Alcoa Inc. and Rio Tinto Alcan are postponing billions in upgrade and expansion plans to their smelters in Quebec. While some 750 Rio Tinto Alcan employees will get to keep their jobs longer, 500 Alcoa workers will be pushed into early retirement. Alcoa is deferring by three … Continue reading
US / The problem is the duration of unemployment benefits, not the duration of unemployment writes Alex Brill
For many who have been jobless for over six months, finding employment is difficult if not impossible. According to economists Rand Gayad and William Dickens, employers become less and less likely to hire people who are unemployed for six months or more. In short, the extravagant duration of unemployment benefits in the last five years … Continue reading
Egypt / The worst economic crisis since 1930s
Former finance minister and economist say Egypt is in dire predicament as foreign investment and tourism collapse Egypt is suffering its worst economic crisis since the Great Depression, a former finance minister of the country and one of its leading economists have warned. In terms of its devastating effect on Egypt’s poorest, the country’s current … Continue reading
US / Student Financial Aid / Neediest students to pay more than their families’ yearly earnings
“With their relentless pursuit of prestige and revenue, the nation’s public and private four-year colleges and universities are in danger of shutting down what has long been a pathway to the middle class for low-income and working-class students” writes Stephen Burd in Undermining Pell – How Colleges Compete for Wealthy Students and Leave the Low-Income Behind … Continue reading
Extending UI benefits has no effect on the rate of job finding finds a FRBSF Research
“Compared with other advanced industrial countries, the United States is among the least generous with respect to the duration and level of unemployment insurance (UI) benefits. Under normal economic circumstances, UI benefits in the United States are available for up to six months following job loss, compared with availability of a year or longer in … Continue reading
UK / How to put young people back to work
We need to put young people back to work. The coalition’s wage incentive scheme aimed to do this, but the early evidence suggests that it is actually doing very little to create new jobs, with only 9 per cent of employers creating vacancies as a direct result of the scheme. Instead, we should adopt a … Continue reading
Bangladesh / Factories to reopen after worker protests over pay and working conditions
Bangladesh will reopen more than 300 garment factories on Friday, ending a three-day forced closure due to worker protests over pay and working conditions after a building collapse killed more than 1,100 people. A series of deadly incidents at factories in Bangladesh, the world’s second-biggest exporter of clothing after China, has focused global attention on … Continue reading
China / Help for college graduates in their job hunts
China’s central government on Wednesday outlined measures to help college graduates in their job hunts amid a grave employment situation this year. According to a statement released after a State Council meeting presided over by Premier Li Keqiang, about 6.99 million college students will graduate this year, adding pressure to the employment situation. The meeting … Continue reading
(Update) Australia’s Best Jobs in World / Finalists Named
A BBC reporter from Afghanistan, travel photographer from Brazil and adventure tour guide from Canada are among the finalists heading Down Under to compete in the final stage of Tourism Australia’s Best Jobs in World contest. The 18 finalists from 12 countries will fly to Australia next month for a final round of challenges to … Continue reading
RBS / 1,400 Jobs cut in UK
Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 jobs at its U.K. consumer banking unit in the next two years. The lender will spend 700 million pounds ($1.07 billion) updating its branches and improving its complaints handling and mortgage processing, it said in a statement today. … Continue reading
Michigan / Jobs Gap to be filled by early 2020s
“Despite the solid recovery to date, there is still a fair amount of ground to be made up after the job loss suffered during the prolonged recession of the past decade,” said U-M economist George Fulton. “That said, Michigan does appear to be positioned for a longer run of economic prosperity.” The state lost 857,700 … Continue reading
US / Jobless claims jump at the fastest pace in six months
The number of Americans filing new claims for unemployment benefits climbed last week at the fastest pace in six months, a worrisome sign for the economy which has been hit by government austerity. Initial claims for state unemployment benefits jumped by 32,000 to a seasonally adjusted 360,000, the Labor Department said on Thursday. That was … Continue reading
ThyssenKrupp / 3,000 admin jobs to be cut
German heavy industry giant ThyssenKrupp said on Wednesday it plans to axe 3,000 administrative jobs worldwide as disastrous investments in steel operations overseas tore holes in its balance sheet in the second quarter. “Overall the number of employees in administrative functions in the group worldwide is to be reduced by around 3,000 from its current … Continue reading
Child poverty has risen in 16 OECD countries since 2007
Income inequality increased by more in the first three years of the crisis to the end of 2010 than it had in the previous twelve years, before factoring in the effect of taxes and transfers on income, according to new OECD data. The analysis says that the welfare state has cushioned the blow for many … Continue reading
Korea / Only 43 per cent of Laid-Off Workers Find New Jobs
Up to 1.13 million workers in Korea are laid off every year, but only 43 percent of them manage to find a new job within 12 months, according to an OECD report released early this month. The report, entitled “Back to Work: the OECD review on displaced workers,” says 2.5 percent to 5 percent of … Continue reading
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