Job Market Monitor
Michel Cournoyer
U.S. | Businesses add a disappointing 120,000 jobs in March
U.S. | BLS Commissioner’s Statement on the Employment Situation (Adapted excerpts by Lab Market Monitor) Nonfarm payroll employment rose by 120,000 in March, and the unemployment rate, at 8.2 percent, changed little. Over the prior 3 months, nonfarm job growth had averaged 246,000 per month. Since a recent low point in February 2010, payroll employment has … Continue reading
Unemployment Claims | Still Falling
In the week ending March 31, the advance figure for seasonally adjusted initial claims was 357,000, a decrease of 6,000 from the previous week’s revised figure of 363,000. The 4-week moving average was 361,750, a decrease of 4,250 from the previous week’s revised average of 366,000. The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week … Continue reading
Who loses in the Great Recession? Those groups who lost in the recessions of the 1980s
“The labor market decline during Great Recession and its aftermath has been both deeper and longer than the early 1980s recession—indeed, the longest and deepest since the Great Depression” write Hilary Hoynes, Douglas L. Miller, and Jessamyn Schaller in Who Suffers During Recessions? published on econ.ucdavis.edu. (Adapted excerpts by Job Market Monitor follow) The labor market effects of the Great … Continue reading
Low wage and income workers are both less likely to receive employer benefits and less likely to receive public benefits
“Three decades of stagnating earnings for bottom deciles of male wage earners and 1990s anti-poverty policies promoting employment among poor single mothers suggest increases in the ranks of low-wage breadwinners living in low-income households. Low-wage workers often get few employer sponsored benefits, while antipoverty programs target poor non-earners; these factors suggest low-wage and lowincome workers … Continue reading
JCPenney to cut 900 jobs
J.C. Penney Co Inc said on Thursday that it will cut about 900 jobs, including roughly 600 at its headquarters, as it trims costs and tries to start running its 110-year-old business more like a nimble start-up. The Plano, Texas-based retailer, which has already overhauled its pricing strategy under new chief executive Ron Johnson, said … Continue reading
UK | Vantec Europe to create 230 jobs
More than 200 jobs are to be created in Sunderland by a warehousing and logistics firm as part of a £22.5m investment. Vantec Europe is planning to invest in a 421,000 sq ft building at Turbine Business Park. The firm employs more than 800 people in the north-east of England and said it would create … Continue reading
Canada | Budget | CBC to cut 650 jobs over three years
CBC/Radio-Canada will eliminate hundreds of jobs, cancel some programs and boost ads as part of cost-cutting measures to cope with planned budget cuts outlined in the recent federal budget, the public broadcaster announced Wednesday. We’ve made “gut-wrenching choices,” CBC president and CEO Hubert T. Lacroix said during a townhall meeting for CBC employees. Lacroix said … Continue reading
U.S. | Who is really creating job ?
For the last four decades, U.S. corporations have been sinking our economy through the off-shoring of jobs, the squeezing of wages, and a magician’s hat full of bluffs and tricks designed to extort subsidies and sweetheart deals from local and state governments that often result in mass layoffs and empty treasuries. We keep hearing that … Continue reading
Toronto | School Board cuts over 300 jobs
The Toronto District School Board has voted to eliminate 200 high school teaching jobs, 134 office staff and 17 elementary vice-principals. The cuts are meant to help the Board deal with a $85-million budget shortfall in 2012-13. There are reports that the board could face an additional $25 million on top of the $85 million … Continue reading
Canada | Labour Market roars back in March
Following four months of little change, employment increased by 82,000 in March, mostly in full-time work. This brought the unemployment rate down 0.2 percentage points to 7.2%. Compared with 12 months earlier, employment was up 1.1% or 197,000. Almost all of this growth was in full-time employment, up 181,000 (+1.3%), while part-time employment edged up. The total number of hours worked rose 1.6% over the same period. … Continue reading
U.S. | Odds of finding a job decreases substantially with the length of time spent searching
“The length of time the jobless spent searching for work before finding a job increased from 5.2 to 10.4 weeks between 2007 and 2010, edging down to 10.0 in 2011; for the unemployed who eventually quit lookingand left the labor force, duration also increased sharply between 2007 and 2011, from 8.7 to 21.4 weeks” write Randy E. … Continue reading
U.S. | Occupational Outlook Handbook 2012–13 edition
“It can be difficult choosing a career. When planning for the future, knowing which occupations are expected to grow—and which aren’t—is valuable information” writes the US Bureau of Labor Statistics. (Adapted Excrpts by Job Market Monitor to follow) The Occupational Outlook Handbook (OOH), published every 2 years by the U.S. Bureau of Labor Statistics (BLS), features … Continue reading
Australia | Skills Gap | Still Needing US Workers
There is a “healthy” number of apprentices in the construction industry of a “very high quality” in Australia, industry and training groups have assured, despite the fact the government announced plans to meet a skilled workers shortage earlier in the week. On Monday the Federal Skills Minister Chris Evans announced that the government will link … Continue reading
U.S. | Older workers capture more new jobs
Older workers are snaring an outsized share of job gains in the economic recovery as they put off retirement amid shrinking nest eggs, changes in Social Security benefits and improved health. They’re not necessarily limiting the pool of jobs for younger workers, says Dean Maki, chief U.S. economist for Barclays Capital. More-experienced employees are often … Continue reading
Israel | 20% jump in unemployment after a switch to the OECD harmonized definition
Israel’s top economic officials were utterly bewildered by the 20% jump in unemployment after a switch to the OECD harmonized definition. Since last weekend, when the change was revealed, none of the country’s leading economists has been able to explain how a different measuring method jacked up the numbers. On Monday the head of the … Continue reading
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