Job Market Monitor
Michel Cournoyer
US / Jobless claims fall
The number of Americans filing new claims for unemployment benefits fell last week, offering reassurance that the bottom is not falling out of the labor market despite signs of slower growth. Initial claims for state unemployment benefits dropped 16,000 to a seasonally adjusted 339,000 the Labor Department said on Thursday. The prior week’s number was … Continue reading
Finland / Outokumpu Oyj cuts 2,500 jobs
Finnish metals group Outokumpu Oyj says it will slash 2,500 jobs worldwide in the next four years to cut costs by 350 million euros ($455 million) and improve profitability as stainless steel demand continues to fall. The world’s leading stainless steel maker says about a third of the job cuts will be applied this year, … Continue reading
Spain / Unemployment rate at record 27pc
Spain’s unemployment rate has climbed to a new record of 27.16 per cent in the first quarter of 2013, as a deep recession sparked by the collapse of a property bubble ravages the eurozone’s fourth-largest economy. The jobless rate jumped from 26.02 per as the number of unemployed climbed by 237,400 people to 6.2 million, … Continue reading
UK / A gulf in expectations between young people and employers finds CIPD
CIPD research reveals a gulf in expectations between young people and employers that is contributing to high levels of youth unemployment There is a clear mismatch between employers’ expectations of young people during the recruitment process and young people’s understanding of what is expected of them. This is hindering young people’s access to the labour … Continue reading
US / Possible Fed Successor, Janet Yellen, Has Admirers and Foes
Ms. Yellen is now widely viewed as a logical candidate to succeed the current Fed chairman, Ben S. Bernanke, when his term ends in January 2014. She has worked closely with him in shaping and building support for the Fed’s campaign to stimulate the economy and bring down unemployment. But some of Ms. Yellen’s critics … Continue reading
US / There is no shortage of STEM workers says the Economic Policy Institute
In a new EPI paper, Hal Salzman of Rutgers, Daniel Kuehn of American University and B. Lindsay Lowell of Georgetown University find little evidence to support expansion of high-skill guestworker programs as proposed in the immigration bill being debated in the Senate. Contrary to many industry claims, the study finds that U.S. colleges and universities … Continue reading
Scotland / Government sets up mining jobs taskforce
A Scottish government taskforce has been set up to try to retain jobs at a collapsed coal-mining firm. Scottish Coal, which operated six open cast mines across Scotland, announced nearly 600 redundancies when it went into liquidation last week. Energy minister Fergus Ewing said the Scottish Open Cast Mining Taskforce would do everything it could … Continue reading
Australia / NSW expects 30,000 care jobs by 2018
It is estimated that the growth in the state’s disability sector will create more than 30,000 new jobs by 2018. The new jobs will come from government investments and the national disability insurance scheme. NSW Disabilities Minister Andrew Constance launched another advertising blitz on Wednesday aimed at encouraging job seekers to consider the community care … Continue reading
Low Interest Rates Didn’t Induce Job Growth finds Research by St-Louis FED
The Federal Reserve set the target range for the federal funds rate at 0 to 25 basis points in December 2008. It has remained there because the recovery in output and jobs has been so slow. The rate was set so low to stimulate aggregate demand and job growth (by lowering borrowing costs for consumers … Continue reading
The 21st Century Workforce and the STEM Dilemma (Infographics)
“The 21st Century Workforce: Skills Gap and the STEM Dilemma,” outlines the current lack of qualified workers and the pressing need to engage students with STEM education. Raytheon believes that in order to build the next pipeline of technologists and innovators to ensure a competitive U.S. workforce and future economic growth, students must be shown … Continue reading
Europe / Paying for growing numbers of old people
Long after the debt crisis is over, Europe will be grappling with an even more serious problem – how to pay for growing numbers of old people. The population of some countries is stagnant or already shrinking, notably Germany’s. That will reduce savings and potential economic growth. The workers who remain are getting older and … Continue reading
Chicago / The “Fight for 15” campaign (at least $15 per hour )
Workers at 30 fast-food restaurants and retail stores in downtown Chicago plan to stage a walkout Wednesday in hopes of pressuring their bosses to pay them more money. The action is part of the “Fight for 15” campaign, organized by the Service Employees International Union along with nonprofit groups, which seeks wages of at least … Continue reading
BASF To Cut 500 Jobs
German chemicals giant BASF SE (BASFY,BFA.L) said it will cut about 500 jobs worldwide by the end of 2015, including 350 in Switzerland, and also streamline processes as part of a restructuring at its performance products segment. BASF plans to significantly increase competitiveness at the segment in the coming years by streamlining processes, investing in … Continue reading
US / Pension / John Bogle on defined benefit programs
Q: In terms of the evolution of America’s retirement health, we’ve moved from defined benefit programs, pensions, to defined contribution. … Describe what’s happening to our retirement health as these [different] instruments are introduced and the rush of people into mutual funds. … … In my new book, which is called The Clash of the … Continue reading
Google / SAT scores and college GPA are devaluated tools for evaluation of candidates
Increasingly, recruiters and managers are going beyond the resume and evaluations and turning to Big Data. That means a lot of old practices for evaluating people and stereotypes about who succeeds are falling apart. Google, known for rigor in evaluating people, has devalued SAT scores and college GPA, which have long been critical tools for … Continue reading
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