Job Market Monitor
Economy
Fiscal Cliff / Avoided at What Cost?
Some thoughts on the new fiscal agreement: The economy needs a stimulus, but under the agreement, taxes will go up in 2013 relative to 2012 — not only on high-income households, as widely discussed, but also on every working man and woman in the country, via the end of the payroll tax cut. For most … Continue reading
Germany 2012: Record number of jobs and unemployment down
THE number of people in Germany who have a job rose to a record high last year, even though growth momentum is slowing as the eurozone debt crisis hits the German labour market. The number of people in work in Germany increased by 416,000 or 1.0 per cent to an annual average 41.5 million last … Continue reading
Detroit / Another 500 layoffs looming for Detroit employees in February
Some 2,000 pink slips have already gone out in the last few years. And now, another 500 cuts are scheduled for February. It’s already worrying union leaders like Leamon Wilson. The president of the AFSCME Local 312 told the Detroit News that more cuts could cripple the city’s bus service. “You can’t deliver the service…It … Continue reading
India / Factory Jobs up by 7.8%, wages by 18.1% in 2010-11: Survey – The Economic Times
The number of jobs in industries increased by 7.8 per cent while wages rose by 18.1 per cent in real terms in 2010-11, a government survey has said. Total persons engaged in different industries were 1.27 crore in 2010-11 compared to 1.17 crore in 2009-10, according to the Annual Industries Survey released by the Ministry … Continue reading
Hurricane Sandy / It had an impact on mass layoffs finds the BLS
Employers took 1,759 mass layoff actions in November involving 173,558 workers as measured by new filings for unemployment insurance benefits during the month. Mass layoff events increased by 399 from October, and the number of associated initial claims increased by 42,385. Mass layoff data for November reflect the impact of Hurricane Sandy on workers in … Continue reading
Cuba / State payroll cut as number of private-sector jobs rises
Cuba’s drive to slash state payrolls and spur private-sector growth picked up surprising steam in 2012 as President Raul Castro moved ahead with reforms to the Soviet-style economy, according to figures unveiled recently with little hoopla. The number of private or “non state” workers rose 23 per cent in 2012, while state sector employment dropped … Continue reading
India / Over a million jobs in India will be created in 2013, reversing the Brain Drain
Many new jobs are expected to open up in India in the coming year, offering opportunities to home-sick Indian expats who long for a job back home. Ushering in 2013, estimates show that the country may see more than a million jobs being created over the course of the next 12 months. The country suffered … Continue reading
France / Court rejects 75 percent tax on millionaires
France’s Constitutional Council on Saturday rejected a 75 percent upper income tax rate to be introduced in 2013 in a setback to Socialist President Francois Hollande’s push to make the rich contribute more to cutting the public deficit. The Council ruled that the planned 75 percent tax on annual income above 1 million euros ($1.32 … Continue reading
France / Hollande Jobs Pledge Undermined
The French economy grew less than initially reported in the third quarter, signaling a recovery that may be too weak to help President Francois Hollande’s government reduce unemployment that’s at a 15-year high. Gross domestic product rose 0.1 percent, half the pace estimated on Nov. 15, statistics institute Insee in Paris said today. Data late … Continue reading
The Great Recession / 6.3 M children were living in families with an unemployed parent on average in 2012
“Economic conditions for children today are similar to those of a year ago—and much worse than they were in 2007. Millions of families with children have not yet regained ground lost during the recession.” write Julia B. Isaacs and Olivia Healy in The Recession’s Ongoing Impact on Children, 2012: Indicators of Children’s Economic Well-Being (Adapted choosen excerpts by … Continue reading
Lincoln Electric, Cleveland / Profit-Sharing and No Layoffs for 64 Years
Economics correspondent Paul Solman revisits Lincoln Electric, a welding manufacturing company based outside Cleveland, Ohio. Through its use of merit-based profit-sharing and a no-layoff policy, the firm is an unlikely Rust Belt success story that hasn’t laid off anyone for financial reasons since World War II. PAUL SOLMAN: A bright light in Rust Belt America: … Continue reading
Montana / Oil boom affecting educational choices of young people
The energy boom unfolding in the northern Plains states, centered in North Dakota, is quickly spilling over into Montana. It’s a big reason the U.S. is now forecast to be the world’s biggest oil producer within a decade. Not surprisingly, the boom is affecting the economic and educational choices of young people. Reporter Jack Healy is … Continue reading
US / Unemployment Benefits / Lowest level since March 2008
SEASONALLY ADJUSTED DATA In the week ending December 22, the advance figure for seasonally adjusted initial claims was 350,000, a decrease of 12,000 from the previous week’s revised figure of 362,000. The 4-week moving average was 356,750, a decrease of 11,250 from the previous week’s revised average of 368,000. The advance seasonally adjusted insured unemployment … Continue reading
US / Private sector workers outnumbered by people supported by govn’t in 11 states
In 11 states, private sector workers are outnumbered by people who are dependent on the government, including state workers and those who are receiving welfare or pension. The list: New Mexico 1,53 Mississippi 1,49 California 1,39 Alabama 1,10 New York 1,07 Maine 1,07 South Carolina 1,06 Kentucky 1,05 Illinois 1,03 Hawaii 1,02 Ohio 1,00 Adapted … Continue reading
Fiscal Cliff / The Impact on American Jobs
As the year draws to a close, policymakers and the media have their sights fixed on the “fiscal cliff,” the federally mandated set of cuts in spending and increases in taxes scheduled to go into effect at the beginning of 2013. Most economic observers agree that, unchecked, this precipitous drop in government expenditures and spike … Continue reading
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