Job Market Monitor
A Closer Look
US – Employment and wages in STEM by the BLS
Employment Total May 2013 OES employment in all STEM occupations is 16,994,480. This is nearly 13 percent of total national employment (132,588,810). Across the four types of STEM subdomains, health occupations have the most employment (8,276,100) and architecture occupations have the least employment (156,650). Of the five types of STEM occupations, the largest by far … Continue reading
5 Challenges Facing the Indian Job Market
(Guest post by Sarah Brooks*) – The world is watching as the General Election unfolds in India, with many hoping that a possible election of Narendra Modi as Prime Minister will give the Indian economy the jolt it so desperately needs. The new leader will definitely have his work cut out for him, as India … Continue reading
Western Europe – The growth of part-time and temporary work will cause a “demographic crisis” says the British Sociological Association
Western Europe faces a demographic crisis caused by the growth of part-time and temporary work, the British Sociological Association. Professor Andranik Tangian said that if current trends continued, by 2030 a “critical” situation would develop, with growing economic inequality and fewer births. At the root of this was the growth of the number of people … Continue reading
US – A Middle Class Job No Longer Supports a Middle Class Life
Eighty-five percent of the middle class say their standard of living is harder to maintain than it was a decade ago. This is due, in large part, to the fact that a middle class job often no longer supports a middle class life. Namely, their incomes have not kept pace with the costs of the … Continue reading
Canada – 272,300 long-term unemployed last year: a problem for several reasons
The number of people out of work for half a year or longer was 272,300 last year, nearly twice as many as six years earlier. Those out of work for a year or longer numbered 96,400 last year – more than double 2007 levels, according to Statistics Canada data. Longer bouts of unemployment are a … Continue reading
Us Older Workers Increasing Participation Rate – Why then aging is decreasing the overall rate ?
A frequent question is: “I’ve heard the participation rate for older workers is increasing, yet you say one of the reasons the overall participation rate has fallen is because people are retiring. Is this a contradiction?” Answer: This isn’t a contradiction. When we talk about an increasing participation rate for older workers, we are referring … Continue reading
Do Fewer Unions Make Countries More Competitive? No it seems
The effect of unionization on a country’s economic competitiveness is of great interest to — and controversy among — economists. Are countries with higher rates of unionization more or less economically competitive? We can take a first look by comparing measures of unionized workers in developed countries against a measure of those countries’ competitiveness. The chart below … Continue reading
US – Unemployment Insurance Trust Funds battered by the Great Recession
State unemployment insurance trust funds, the engines that finance jobless benefits for millions of Americans, were battered by the Great Recession and went deep into debt to meet the demand from the unemployed. During good economic times, states aim to maintain large enough balances in the trust funds to pay benefits to jobless workers if … Continue reading
The Job Gap in US – Lack of jobs is still a very big problem
In the next few months, the labor market will pass a milestone in its recovery from the Great Recession: Total payroll employment (private plus government) will finally top its pre-recession level . But before breaking out the champagne, let’s remember that the previous peak was more than six years ago in December 2007; with population … Continue reading
US – What happened to the middle class? (Infographic)
The increased wealth of highly skilled workers, the insane wealth of those with capital, and the outsourcing of lower skilled jobs have left us all asking, “what happened to the middle class?” Source: BestMSWPrograms.com Related articles The decline of middle-class workers / Job polarisation and wages Skills Gap – Middle-skill Workers – New England: … Continue reading
US Labor Market in Crisis – Two Charts
he enormous number of people who work only part-time for economic reasons is one the tragedies of the unemployment crisis in this country. It didn’t even start with the financial crisis. Before the 2001 recession, there were a little above 3 million of them. By September 2003, as the economy recovered, there were 4.84 million. … Continue reading
US – Long-Term Unemployment is elevated across all education, age, occupation, industry, gender, and racial and ethnic groups
Long-term unemployment is elevated for workers at every education level. The table below provides additional breakdowns of long-term unemployment by age, gender, race/ethnicity, occupation, and industry. For each category, the table shows the long-term unemployment rate in 2007, the long-term unemployment rate in 2013, and ratio of the two. It demonstrates that while there is … Continue reading
UK – Talent mismatch costs more than £1bn to employers
Businesses from all the major economies, including the UK, are losing billions of pounds through recruitment errors. This is mainly caused by employees’ inability to adapt and retrain for new roles and industries. PwC and LinkedIn released the study, Adapt to Survive, this week. It looks at a profile of 277 million professionals and 2,600 … Continue reading
Long-term unemployment in US since 1950 – A chart
This FRED graph divides unemployed (civilian) workers according to the duration of their unemployment spell. The number of those unemployed for 27 weeks or more is still very high, while the other categories have recovered to normal levels. This level of persistently elevated unemployment is different from that during previous recessions, and there may even … Continue reading
Long-term unemployment – Why does it matters
Evidence is mounting that the long-term unemployed aren’t merely the short-term unemployed with the addition of a little waiting time. They are in a very different situation – and an alarming one at that. Researchers in the US are setting the pace on this topic, because it is in America that a sharp and unique … Continue reading
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