Job Market Monitor
Michel Cournoyer
Wall Street preparing to cut jobs
Having already slashed bonuses, banks including Citigroup Inc.,Goldman Sachs Group Inc., J.P. Morgan Chase and Morgan Stanley are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also … Continue reading
68% Know a Laid-Off Worker finds Gallup
Sixty-eight percent of Americans say they know someone personally who has been laid off or lost their job in the last six months — the highest in Gallup’s history of asking this question. Source: via Most in U.S. Know a Laid-Off Worker, but Don’t Fear Job Loss.
Detroit budget | 2,500 layoffs
Detroit Mayor Dave Bing’s adminstration has laid out a budget proposal that would cut more than 2,500 jobs and shave $250 million from the city’s annual expenses. Chief Operating Officer Chris Brown told City Council members Monday the layoffs would be in addition to 1,000 job cuts Bing sought earlier. Brown says the city’s general … Continue reading
Number of long-term unemployed older workers is 5 times greater
During the recession and its aftermath, the number of long-term unemployed older workers more than quintupled, the greatest percentage increase out of all age groups, from 325,000 to 1.8 million. In 2011, more than half of older jobless workers were out of work for at least six months. And 4 in 10 older jobless workers … Continue reading
CSC to axe 640 Lorenzo jobs according to union
US company CSC is to cut 640 UK jobs relating to its ‘unworkable’ Lorenzo NHS IT contract, taking the total of announced job cuts to over 1,100 since February, according to the Unite trade union. The majority of cuts will affect CSC employees in Chesterfield, Chorley, Leeds and Solihull, Unite said in a statement on … Continue reading
ST-Ericsson will cut 1,700 jobs
Chip maker ST-Ericsson will cut 1,700 jobs and shift a key part of its product to parent STMicro, forcing the French co-owner to focus more on its loss-making and volatile wireless business. ST-Ericsson said it would partner with STMicro to develop application processors, after failing to cut a deal with one of four other companies. … Continue reading
Tips to grads
The industry watchers also offered five tips on how fresh graduates can distinguish themselves for the right reasons, and not stick out for the wrong ones. 1. Come with real-world work experience 2. Clean up your online image 3. Shine during interviews 4. Don’t sell yourself short, but watch the ego 5. Look the part … Continue reading
Expected time in retirement at age 65 is more than 40 percent longer than in 1940
Raising the ages at which people can collect Medicare and Social Security would reduce federal spending and increase federal revenues by inducing some people to work longer. However, raising the eligibility ages for those programs also would reduce people’s lifetime Social Security benefits and cause many of the people who would otherwise have enrolled in … Continue reading
Australia | Finance Industry Has Lost 3k Jobs in the first 4 months of 2012
A shocking 3000 jobs have been lost in Australia’s finance industry in the first four months of the year according to the National Secretary of the Financial Services Union. Though the majority of these jobs were lost in the first six weeks of the year, with the announcement from the Australia & New Zealand Banking … Continue reading
Job Gap | Europe’s army of ‘underemployed’ nearly 25 million plus 9 million underemployed
Almost nine million people in the European Union were considered “underemployed” in 2011, according to new Eurostat figures. These numbers add to the growing ranks of nearly 25 million unemployed in the EU, highlighting a ticking social time-bomb. Some 42 million workers in the EU were employed part-time in 2011, according to a survey by … Continue reading
UK | Black graduates hardly hit by jobs crisis
In a survey of 2,000 black students more than 40 per cent said they anticipated discrimination from employers because of their race, while around 60 per cent did not expect to be in full-time work within six months of graduating. But the study found that cultural and educational factors were just as important in the … Continue reading
Canada | Labour Market roars back in March but economists are skeptical about recent swings in data
Bumpy patterns in Canada’s labour force survey are causing headaches for economists. The last jobs report showing a 82,300 employment gain was the biggest bump since the onset of the recession and the fourth-largest increase ever. Most economists are skeptical about both the outsized gain and the job market’s weakness in previous months. It also … Continue reading
Sony Confirms 10,000 Layoffs but Games studios ‘spared’
Games studios ‘spared’ in Sony mass-layoff plan | Game Development | News by Develop Chemicals, TV, sales and marketing to bear the brunt of global cut-backs Sony will not bury the axe into its games division as the company prepares to slash some 10,000 jobs from its global entertainment empire, Develop understands. Information of the … Continue reading
More than half graduates not working or underemployed
The college class of 2012 is in for a rude welcome to the world of work. A weak labor market already has left half of young college graduates either jobless or underemployed in positions that don’t fully use their skills and knowledge. Young adults with bachelor’s degrees are increasingly scraping by in lower-wage jobs — … Continue reading
Unemployment Rate | Decline in 30 states
This graph shows the current unemploymentrate for each state (red), and the max during the recession (blue). Every state has some blue – indicating no state is currently at the maximum during the recession. The states are ranked by the highest current unemployment rate. Only three states still have double digit unemployment rates: Nevada, Rhode … Continue reading
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