Job Market Monitor
Michel Cournoyer
Pro-Europe UK Group / Restrict EU immigrants’ access to benefits
Pro-European business leaders responded on Tuesday to the surge in support for Ukip by proposing to restrict EU immigrants’ access to benefits, including a three-month qualification period for jobseeker’s allowance and removal of child benefit for offspring not living in the UK. The Business for New Europe group admitted there was “a massive credibility gap” … Continue reading
US / Why Is Age 65 Still a Retirement Peak?
‘In order to address an immediate and long-term funding problem, the Social Security Amendments of 1983 gradually increased the Full Retirement Age (FRA), changed the actuarial adjustment for individuals claiming benefits between the early and full retirement ages, and increased the delayed retirement credit. Together, these changes increase the financial gain to individuals who delay … Continue reading
US / The Jobs Of The Future : The myths of the “knowledge economy” and high-paying jobs
We’re all talking about the “jobs of the future” and “winning the future” and transitioning to a “knowledge economy.” Since predictions are hard, especially about the future, it’s a good idea to look at some data. And it looks like we have some of it: the BLS has a handy chart of the fastest-growing jobs … Continue reading
Measuring Income Inequality / The Standard Gini Coefficient : a ‘rightist’ measure
Recall that the Gini coefficient is a number between zero and one that measures the degree of inequality in the distribution of income in a given society (named after an Italian statistician, Corrado Gini). The coefficient is zero for a society in which each member receives exactly the same income; it reaches its maximum value … Continue reading
Sequestration / Unemployment Benefit cut affect about 1.8 million workers
Federally funded benefits paid to the long-term unemployed were lowered by 10.7 percent starting March 31 as part of reductions to planned government spending called sequestration. Benefit cuts will affect about 1.8 million workers, based on Labor Department data, and add to the drag on consumer spending from a payroll tax increase that took effect … Continue reading
The Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’
the Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’. This distinction did not matter much in the past, but it is becoming increasingly important. The ‘participation gap’ remains as big a drag on growth as ‘unemployment’ and we, like Goldman, would expect the Fed to ‘change’ its target for their outcome-based guidance (to … Continue reading
US / The number of people getting federal disability checks has grown for 192 straight months – or 16 years
For for 192 straight months -or 16 years – the number of people getting federal disability checks has grown. That’s staggering enough but it seems much of the country is just now waking up to these skyrocketing numbers thanks in large part to a stunning investigative piece for NPR titled “Unfit for Work” which outlined … Continue reading
When Will The Unemployment Rate end the Fed’s Easing Measures ?
The Federal Reserve’s is expected to extend its easing measures until the job market improves “substantially”, the stated goal is a decline of the unemployment rate to 6.5%. One can use the unemployment rate model to provide an estimate of the future unemployment rate (UER). This model suggests that the unemployment rate will decline to … Continue reading
Spain’s Red Cross / 26% of those helped can’t afford protein three times a week
Unlike the Spanish growth trajectory, the rise in Spanish unemployment since 2008 has been incredibly consistent. Each new statistical release bears the terrible news that more Spaniards have joined the ranks of the unemployed. The problem is compounded by the fact that Spanish businesses are closing their doors at a record pace. In the … Continue reading
Germany / Shortage of skilled labour is one of employers biggest problems
“It is getting very difficult to find qualified people,” says Mr. Traublinger, whose family company employs 150 people besides Mr. Henares. “Unemployment is so low – there just aren’t the qualified people on the market. Everyone wants to hold on to the people they have.” Even amid the euro zone debt crisis, German employers say … Continue reading
Canada and Quebec / Working on EI regulations will marginally help in responding to labour market needs
Unemployment worldwide and youth unemployment are a tragedy. The number of unemployed in the world has exploded with 28 million people jobless in the five years following the global financial crisis. In 2012, there were 197 million people unemployed according to the ILO. In 2013, about 210.6 million people will be unemployed according to the … Continue reading
Shanghai / Grads struggle to find good job
A majority of university and college students set to graduate in the city next month are still looking for a job due to the grim employment situation. Only 29 percent of 178,000 students who are to graduate this June have signed an offer, been admitted to postgraduate studies or decided to study abroad as of … Continue reading
US Labor Shortages / There’s only one problem with this story: It’s mostly fiction
Are we missing a couple million jobs? These would be jobs that exist but lack workers to fill them. The notion that the recovery is being hobbled by too few skilled workers is seductive. It might explain today’s stubbornly high unemployment and why aggressive government policies to promote recovery have been so ineffective. Low interest … Continue reading
Portugal / To lift retirement age and working hours
Lisbon plans to increase the retirement age and make public sector employees work an extra hour daily as part of a package of new spending cuts needed to avoid bankruptcy and remain in the euro. Lisbon plans to raise the retirement age and make public sector employees work an extra hour daily as part of … Continue reading
US / Surpassing much of Europe in youth unemployment
The United States has quietly surpassed much of Europe in the percentage of young adults without jobs. It’s not just Europe, either. Over the last 12 years, the United States has gone from having the highest share of employed 25- to 34-year-olds among large, wealthy economies to having among the lowest. The grim shift — … Continue reading
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