Job Market Monitor
Michel Cournoyer
Siemens to cut 8000 jobs
SIEMENS HAS identified about 8,000 potential job cuts globally, a number that may reach 10,000 by year-end as chief executive Peter Loescher seeks to boost efficiency, a person familiar with the plan said. The reductions are the result of a global… http://www.irishtimes.com/newspaper/finance/2012/1012/1224325187279.html
Atlanta – Carter’s to bring 200 jobs
The children’s clothing company Carter’s is bringing 200 professional jobs to Atlanta, closing a Connecticut office that employed 175. The positions are primarily in store operations, finance and information technology. With the jobs in Connecticut… http://www.ajc.com/news/business/carters-to-bring-200-jobs-to-atlanta/nSbGx/
Greece – Unemployment hits a record 25% in July
Unemployment in Greece hit a record 25.1% in July, with the level among young people reaching 54.2%, according to the latest official figures. Greece’s statistical authority said 1.26 million Greeks were jobless in July, with more than 1,000 jobs lost every day over the past year. With austerity cuts continuing and Greece likely to enter … Continue reading
Va – 201 employees get layoff notices from ITT Exelis
The news has come the week after the unexpectedly upbeat and widely questioned September employment report from the Department of Labor which showed unemployment falling below eight percent for the first time since President Obama entered the… http://www.wdbj7.com/news/wdbj7-201-employees-get-layoff-notices-from-itt-excelis-20121011,0,1256550.story
U.S. weekly unemployment claims drop to 4.5 year low
The news has come the week after the unexpectedly upbeat and widely questioned September employment report from the Department of Labor which showed unemployment falling below eight percent for the first time since President Obama entered the… http://www.dailymail.co.uk/news/article-2216203/U-S-weekly-unemployment-claims-drop-4-5-year-low–left-OUT-California.html?ito=feeds-newsxml
ILO – 30 million more jobless: unemployment higher than before global financial crisis
There are now 30 million more people without jobs around the world than before the global financial crisis began, the head of the International Labour Organization said in remarks published on Friday. The figures come amid a growing debate over… http://economictimes.indiatimes.com/news/news-by-industry/jobs/30-million-more-jobless-unemployment-higher-than-before-global-financial-crisis-ilo/articleshow/16779149.cms
TATA Steel Europe to go for more layoffs
PTI reported that battling slowdown in demand for steel in Europe, TATA Steel plans to go for more layoffs and cut production in its European operations besides infusing funds to make it an all weather company. Dr Karl Ulrich Kohler CEO &MD of TATA… http://www.steelguru.com/international_news/TATA_Steel_Europe_to_go_for_more_layoffs_and_cut_production/287372.html
Australia – BHP set to cut iron ore jobs
BHP is meeting staff to announce job cuts from its iron ore division as it tries to slash costs. AAPunderstands about 200 workers in its iron ore division are set to be made redundant, mostly in Perth. Redundancies in iron ore would appear to have… http://www.skynews.com.au/finance/article.aspx?id=805124
2nd-gen immigrants pull ahead in US, Canada, Australia
In a new study published by the journal Social Science Research, sociology professor Jeffrey G. Reitz and PhD candidate Naoko Hawkins from the University of Toronto and Heather Zhang from McGill University examined survey and census data to compare the achievements of immigrants and their offspring. “From a Canadian perspective, the findings are a welcome … Continue reading
Vestas Cuts U.S. Jobs by 20 Percent
Vestas Wind Systems A/S (VWS), the world’s biggest maker of wind turbines, has cut about a fifth of its U.S. jobs as it waits for lawmakers to decide whether to extend a tax credit for the industry. The reduction has taken its workforce in the U.S. and… http://www.bloomberg.com/news/2012-10-12/vestas-cuts-u-s-jobs-by-20-percent-awaiting-tax-credit-decision.html
India: Infosys to hire 6000 from campuses, a sharp fall from last year
Infosy’s today finally announced salary hikes sending cheers among 153,761 employees. But painted a gloomy picture for engineering aspirants planning to join the industry by hiring 6,000 students, a sharp drop from 19,000 done last year. Infosys has … http://business-standard.com/india/news/infosys-to-hire-6000campusessharp-falllast-year/191029/on
62% Indian employees say they have abusive bosses
Bulk of the employees quit jobs because of bad bosses rather than to seek better employment opportunities, says an Assocham survey. “Workers are quitting their jobs and even switching to another career because they are fed-up with their current boss… http://www.hindustantimes.com/India-news/NewDelhi/62-Indian-employees-say-they-have-abusive-bosses/Article1-943587.aspx
Skandia cuts 200 jobs
Old Mutual Wealth has said it is to cut 200 jobs – including senior marketing and sales roles – as it merges the £65.5bn Skandia businesses. Old Mutual Wealth was created through the merger of SkandiaUK, Skandia International and the Skandia European… http://www.ftadviser.com/2012/10/12/investments/uk/old-mutual-wealth-to-cut-jobs-wiLlLveoIGFikDG2pjF0zH/article.html
India – Aircel to cut 600 jobs
Aircel, the Indian arm of Malaysia’s leading telecoms operator Maxis Berhad, will cut some 600 jobs or 12% of its workforce following its decision to reduce operations in five unprofitable regions amid surging costs and severe margin pressure, executives aware of the development told ET… http://economictimes.indiatimes.com/news/news-by-industry/telecom/aircel-to-cut-600-jobs-amid-surging-costs-severe-margin-pressure/articleshow/16785506.cms
Income Inequality and the Death of Trickledown
On September 12, 2012, the Census issued its report on Income, Poverty, and Healthcare Coverage in the United States: 2011. While the full report has some nice charts, one that was conspicuously missing was on income inequality. The data for such a chart was in the tables, and so I was able to construct the … Continue reading
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