Job Market Monitor
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Minimum Wage Increase in US / The CBO’s estimates of the effects on employment and family income
Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers … Continue reading
Outsourcing at Delta / To lay off 741 in Detroit
Atlanta-based Delta Air Lines Inc will job out maintenance and service worker jobs at Detroit Metropolitan Wayne County Airport with layoff notices coming in April, reports The Detroit News. The job cuts affect 741 workers, but just how many will remain out of work is unclear, the paper said. Chosen excerpts by Job Market Monitor. Read … Continue reading
IBM / to cut 15,000 jobs, starting in India
Technology giant IBM has started a restructuring process, which would see as many as 15,000 jobs being cut globally, including India, Brazil and the European region. “The estimate of jobs cut globally is 15,000,” international coordinator at the Alliance@IBM (official IBM employees union) Lee Conrad told PTI. Though the exact number of job cuts in … Continue reading
Barclays / 12,000 confirmed job cuts this year
British bank Barclays said Tuesday it planned to axe between 10,000 and 12,000 jobs this year, including 7,000 in Britain. The bank, which now employs 140,000 people worldwide, described the job cut as an effort made to lower costs. The cuts will involve 820 management persons, including 220 senior ones. The Barclays chief executive Antony … Continue reading
Russia / Big Companies Cutting Staff
A slew of announced layoffs is rattling the domestic labor market, threatening to further undermine a weak economy. Russia’s two largest banks, state-owned Sberbank and VTB, have joined the country’s biggest carmaker, AvtoVAZ, in declaring significant staff reductions in the upcoming months. VTB Group disclosed last month that it would cut employees and the salaries of remaining staff at its core business, VTB bank, and its investment arm, … Continue reading
HP cuts in UK / Over 700
HP is to axe the jobs of hundreds of UK staff before May. National officer for IT and communications for trade union Unite, Ian Tonks, told The Channel Register that 782 UK staff were to be made redundant before the end of HP’s Q2 2014, which finishes on April 30th. Another 7,100 jobs are due … Continue reading
Toyota to Close in Australia / Around 2,500 will lose their jobs
Toyota has made the “heart-breaking” announcement that it will stop making cars in Australia in 2017, bringing an end to the nation’s car manufacturing sector. Around 2,500 Toyota workers will lose their jobs, while the loss of the wider automotive industry will put tens of thousands more jobs at risk. Chosen excerpts by Job Market … Continue reading
US / Self-Employment is down 9% (936,000 jobs) since the beginning of the recession in 2006
It’s estimated that a whopping 10 million individuals, or 6.6% of all reported jobs, were self-employed in the U.S. as of 2013–however, that figure has declined significantly since the recession, according to a new report from CareerBuilder and Economic Modeling Specialists Intl. (EMSI). The number of self-employed workers is down 9% (936,000 jobs) since the … Continue reading
Canada Job Report / Employment rose by 29,000 in January
Employment rose by 29,000 in January, the result of an increase in full-time work. The unemployment rate declined 0.2 percentage points to 7.0%. Over the past 12 months, employment increased 0.8% or 146,000 and the number of hours worked rose 0.7%. During the same period, the employment rate fell 0.3 percentage points to 61.6% as employment grew at a slower pace than the population. Chart 1 Employment Employment increased in Prince … Continue reading
US Job Report / Employment rose by only 113,000 in January
From the official press release Total nonfarm payroll employment rose by 113,000 in January, and the unemployment rate was little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment grew in construction, manufacturing, wholesale trade, and mining. Household Survey Data Both the number of unemployed persons, at 10.2 million, and the unemployment rate, … Continue reading
Corporate Welfare / Doesn’t boost employment
Despite its popularity as a job-creation tactic, corporate subsidies tend to redistribute jobs from one community to another, not create new ones, says Milke. Last month, Kellogg’s announced it was shutting down a plant in southwestern Ontario and shifting some production to a company plant in eastern Ontario that had received millions in provincial support. … Continue reading
Volvo / To increase its job cuts to 4,400
World No.2 truck maker Volvo will increase its job cuts to 4,400, more than double its original plan, after currency effects and the cost of launching new models muted a rise in quarterly earnings. But Sweden’s biggest private sector employer also unveiled a stronger-than-expected order intake in the fourth quarter on growth in North America, … Continue reading
Layoffs In Tech / All the growth is in high mobility
While much of the focus in the current news cycle seems to be on celebrity top executives and the minutiae of selecting and deselecting them, there is an underlying trend receiving far less notice: layoffs of ordinary workers at tech companies. The problem stems from the long-term malaise of the x86/Windows ecosystem, which has been largely upended … Continue reading
Sony / Around 5,000 layoffs to come
Thousands of employees of Japanese tech company Sony will be affected by a major reorganization plan of the company. They have confirmed they are selling their Vaio PC business and switching its TV division into its own company, a move which is expected to lay off 5,000 employees from its global operations. It is estimated … Continue reading
Bristol-Myers in France / Threatening to cut jobs at its two Agen factories
Bristol-Myers Squibb, BMY -0.76% the New York-based drug maker, is threatening to cut jobs at its two Agen factories, where a range of paracetamol painkillers are made, after the French government unveiled plans to push for wider use of cheaper generic versions. The government may announce its final decision as early as Thursday, according to … Continue reading
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