Job Market Monitor
Michel Cournoyer
US / Service dependent economy delays job recovery
The recession was the deepest one since the Great Depression. But slow job recoveries have become a defining trend of the past three recessions. It took the economy 37 months from the end of the 2001 recession to add back the jobs it lost. For the recession before that, which ended in 1991, it took … Continue reading
US Long-Term Unemployment / Why so many people have been out of work for so long
Democrats generally point to the anemic recovery, in which weak demand for goods and services results in less hiring. The cyclical nature of unemployment, they say, can be addressed with more government stimulus. Republicans tend to focus more on structural problems, in which the education and experience levels of the unemployed don’t match what employers … Continue reading
Sequestration / No college grads need apply
At a time when governments at all levels are trimming staffs, college graduates hoping to land public-sector jobs are facing another hurdle: sequestration. Career counselors and recruiting experts say the federal spending cuts that went into effect March 1 are causing several federal agencies—many of which are having to furlough employees as a result of … Continue reading
US / Employment for 20 to 34-year-olds fell more than than among all workers over age 35 combined
Demos investigated the Bureau of Labor Statistics data for young adults in 2012 in order to see how the experience of young people today affects their prospects for tomorrow. We found that last year passed with no significant gains for young people, who continue to endure a jobs crisis even as the economy recovers. The … Continue reading
SA / Unemployment rate to 25.2%
The number of unemployed increased by 100 000 people to 4.6 million between the fourth quarter of 2012 and the first quarter of 2013, Statistics SA (StatsSA) said on Monday. This took the country’s official unemployment to 25.2% from 24.9% in the fourth quarter of 2012, StatsSA said in its Quarterly Labour Force Survey (QLFS). … Continue reading
US / The number of self-employed at all-time low
The unemployment rate in the United States is at a four-year low, but another labor stat is shrinking in not such a favorable way: a decline in the number of self-employed Americans suggests the personal business will soon be a thing of the past. Since the Great Depression, the number of Americans who identify themselves … Continue reading
Sanyo / Layoffs vs tax incentives
Five years ago, taxpayers provided more than $42 million in incentives to lure Sanyo Solar of Oregon to Salem. Tax credits, land write downs, grants and other incentives caused corporate decision-makers to look favorably on Salem. With many of those incentives, however, came conditions. Sanyo would have to hire a certain number of workers, pay … Continue reading
Oracle / Layoffs announced to employees
Sources are telling us that some Oracle employees got pink slips on Friday. All of them are from Sun Microsystems’ hardware groups. Friday’s layoffs hit employees in the “legacy hardware” units from Sun, particularly salespeople and some managers, our source tells us. Details are sketchy but like previous Oracle layoffs, we’re estimating the layoff is tiny and … Continue reading
India / Youth hit by the Jobs Gap
“There are just no jobs in the market,” says Manjunath (26), who works as a carpentry apprentice in Shivajinagar. After completing his polytechnic diploma, he attended a dozen job fairs. “They take your contact details, put you through a lot of paperwork, and in the end there is nothing,” he says, adding that the only … Continue reading
India / From Job Centres to Employability Centres
Minister for Labour and Rehabilitation Shibu Baby John on Saturday said that the employment exchanges in the state would be converted into Employability Centres with the introduction of the Additional Skill Enhancement Programme (ASEP). The project is aimed at converting Employment Exchanges into employment generation centres. These employability centres are being established to change the … Continue reading
Germany vs US / The Hartz reforms and Obama
The origins of Germany’s labor-market turnaround dates back to the mid-1990s, when its ruling class decided that things could not continue to go on this way. A humiliated Germany, of “Wirtschaftswunder” fame, had joined the rest of Europe in recording double digit unemployment rates, peaking at 13 percent in early 2005. The fabled German engineering … Continue reading
Rio Tinto / Sam Walsh warns of more job cuts
Rio Tinto chief Sam Walsh on Sunday warned of more job cuts as the mining giant works to make US$5 billion in savings by the end of 2014, but he was upbeat about demand for iron ore from China. The comments follow the Anglo-Australian miner posting its first annual loss in 18 years in February, … Continue reading
China / Is This the End of Cheap Labor?
It’s been the lament of everyone for years now: Cheap Chinese labor is killing the job market. With lower wages and lax regulation, the giant sucking sound we heard was manufacturing jobs headed from Sheboygan to Shenzhen. But now China’s new found riches are starting to turn in on themselves in the form of much … Continue reading
Saudi Arabia / Indian workers to be regularized
Indian workers who have travelled to Saudi Arabia legally will be allowed to regularise their visa status, get new jobs or to return home if they register voluntarily with the Saudi authorities during the three months grace period announced by the Kingdom, according to officials. This was among the issues discussed at the joint group … Continue reading
Portugal / To cut 30,000 civil service jobs
Portugal is planning to cut 30,000 civil service jobs and to raise the retirement age by one year to 66 as it tries to meet the terms of a bailout. Prime Minister Pedro Passos Coelho said civil servants would also be required to work 40 hours a week instead of 35. The proposals, which would … Continue reading
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