Job Market Monitor
Economy
The unemployment rate would slowly increase over the coming months – Brookings
“The November employment report showed unexpected declines in both the unemployment rate and in the labor force participation. A stock-flow analysis of the latest report shows that the labor market continues to show many signs of weakness, with no improvements in workers’ job finding rates and a stubbornly elevated rate of job separation. In fact, … Continue reading
Canada / Labour productivity fell 0.5% in the third quarter
The labour productivity of Canadian businesses fell 0.5% in the third quarter, following a 0.6% decline the previous quarter. It was the second consecutive decrease after three quarterly gains. Chart 1 Productivity in Canadian businesses declines once more The decline in productivity in the third quarter took place in a context where business output remained at the same level … Continue reading
Canada/ Employment rose by 59,000 and unemployment rate declined to to 5-month low 7.2%
Following little change in October, employment rose by 59,000 in November, the result of an increase in full-time work. The unemployment rate declined 0.2 percentage points to 7.2%. Chart 1 Employment Compared with 12 months earlier, employment increased 1.7% or 294,000, mostly in full-time work. Over the same period, the total number of hours worked rose 1.3%. In November, employment increased in Ontario, Quebec, Alberta, Manitoba and … Continue reading
1.3 Million Greece / Unemployment Rate 26%, Youth 56%
Every month unemployment in Greece breaks a new record! According dat released by Greek Statistics Authority (ELSTAT) for September 2012: unemployment reached 26%, while the data for youth 15-24 years old skyrocketed to 56% – despite the lowering of the minimum wage for this age group down to 510 euro gross per month. Officially, at … Continue reading
Finance / 300,000 jobs gone in the past two years, more than half a million in four years
Wall Street’s cost cuts and dismissals, which have helped erase more than 300,000 financial- industry jobs in the past two years, are far from over. Citigroup Inc. (C)’s announcement yesterday of plans to eliminate 11,000 positions in units spanning equities trading to consumer banking is the latest sign of strain from a market slowdown, stiffer … Continue reading
Indonesia / Large-scale labor rally for minimum wage increase in Medan
A large-scale labor rally in Medan forced dozens of companies to suspend operations on Thursday, with the firms’ workers following the lead of their Jakarta counterparts by demanding a significant minimum wage increase. Thousands of workers from Medan and surrounding areas continued their rally for a second day on Thursday, after their Wednesday protest caused … Continue reading
The Grand Disconnect – Employers, education providers, and youth
“Around the world, governments and businesses face a conundrum: high levels of youth unemployment and a shortage of job seekers with critical skills” writes Mona Mourshed, Diana Farrell, and Dominic Barton in a McKinsey in Its report Education to Employment Designing a system that works. (Adapted choosen excerpts by Job Market Monitor to follow) How can a country successfully move … Continue reading
Nokia Siemens Network / 1,000 jobs at risk
Nokia Siemens Networks, a joint venture between Finnish and German engineering giants Nokia and Siemens, said Wednesday it will shut down its German networks services unit, putting 1,000 jobs at risk. “Nokia Siemens Networks is planning to close its German unit Nokia Siemens Networks Services, a network infrastructure services provider in the area of traditional … Continue reading
China / LG starts layoffs
LG’s mobile arm may be slowly turning things around internationally, and getting even its main competitor’s appreciation in the process, but China is different. At least that’s what can be gathered from LG’s woes over there. The Korean company has started laying off employees in 26 offices in China. This comes as LG’s market share … Continue reading
Pratt and Whitney / Layoffs will be announced
Company and union officials said on Wednesday that layoffs will be announced at Pratt & Whitney, though the number of employees who would be laid off and at which locations the layoffs would be from was not yet available. Bryan Kidder, a company spokesman, said that the company was finalizing a statement on the job … Continue reading
Citigroup / To cut 11,000 jobs
Citigroup Inc. will cut 11,000 jobs and take a $1-billion pre-tax charge to its fourth-quarter earnings as it tries to reduce costs and reposition itself under new corporate leadership. The job cuts — including closing 44 U.S. consumer banking branches — will save $900 million in 2013 and produce $1.1 billion in annual savings in … Continue reading
New York / Minimum-wage hike would kill 22,000 jobs over the next decade finds The National Federation of Independent Business
A proposal to hike the state’s minimum wage would kill 22,000 jobs over the next decade and cut economic output by $2.5 billion, New York’s small- business lobby claimed in a study released yesterday. The National Federation of Independent Business report estimates that seven of every 10 job losses would occur in small businesses, which … Continue reading
Thailand / Private firms call for action as nationwide minimum wage hike looms
Thailand’s private sector today called on the government to take serious action to alleviate entrepreneurs’ financial burdens after the January 1 nationwide increase of the daily minimum wage to Bt300. Payungsak Chartsutipol, president of the Federation of Thai Industries, said a meeting of the Joint Standing Committee on Commerce, Industries and Banking (JSCCIB) agreed to … Continue reading
ADP Report : November jobs hit by Superstorm Sandy
Superstorm Sandy took a bite out of businesses hiring in November, according to a closely watched reading that suggests a weak Labor Department jobs report could be coming this Friday. Payroll processing firm ADP reported that private-sector employers added 118,000 jobs in the month, down from the 157,000 jobs added by businesses the previous month. … Continue reading
Reebok / Cuts 150 jobs worldwide
Reebok International Ltd. said Tuesday that it is cutting approximately 65 positions from its Canton headquarters, just under 7 percent of the struggling athletic apparel maker’s workforce there, as part of a restructuring. Worldwide, Reebok will eliminate 150 jobs, including by closing its European office in Amsterdam and the Asia-Pacific office in Hong Kong. In … Continue reading
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