Job Market Monitor
Economy
US | Wealthy | Would a tax hike cost 700,000 jobs ?
Rep. Pete Sessions, however, went further, and actually claimed hundreds of thousands of people would lose their jobs if Obama’s proposed tax increase went into effect. What’s the math behind his claim? The Facts According to an aide, Sessions obtained his figure from a study prepared last year by two economists at Ernst & Young for … Continue reading
Iberia | IAG to cut 4,500 jobs
International Airlines Group warned on Friday that its Spanish carrier Iberia was ‘‘in a fight for survival’’ and unveiled a restructuring plan to cut 4,500 jobs as it reported a drop in third-quarter profit. Iberia CEO Rafael Sanchez-Lozano said the carrier is losing money in all its markets and was ‘‘burning €1.7 million ($2.17 million) … Continue reading
US | CBO | Unemployment lower in the next few years if the fiscal cliff removed
Substantial changes to tax and spending policies are scheduled to take effect in January 2013, significantly reducing the federal budget deficit. According to CBO’s projections, if all of that fiscal tightening occurs, real (inflation-adjusted) gross domestic product (GDP) will drop by 0.5 percent in 2013 (as measured by the change from the fourth quarter of … Continue reading
Australia | Qantas cuts 400 maintenance jobs
Australian flag carrier Qantas on Thursday announced the slashing of 400 maintenance jobs as part of a restructure aimed at cutting costs and shifting focus to Asia. Qantas said the cuts would involve 150 staff and 250 contractors, as the “Flying Kangaroo” consolidates its maintenance operations to achieve savings under heavy competition, fuel costs and … Continue reading
Nova Scotia Govn’t | To outsource payroll jobs to IBM
The Nova Scotia government has announced a deal with IBM Canada to contract out administration of its computer information system, angering dozens of information technology workers who were told their jobs will be outsourced. “It doesn’t make you feel good when we’ve been together as a group for over five years,” said Allura McKay, a … Continue reading
EU – Stimulating car industry
The European Union on Thursday launched an action plan to bolster the struggling car industry – its first concerted response to a worsening crisis that is hurting some of the continent’s biggest companies and endangering tens of thousands of jobs. Carmakers welcomed the plan’s long-term measures to support the sector but urged the EU to … Continue reading
Ford – 2,000 Entry-Level New Employees
Ford Motor Co. (F) has hired more than 2,000 entry-level factory workers this year so far, lowering its overall manufacturing costs, a Ford manufacturing executive said. The new hires represent the first wave of workers paid an entry-level wage that is about $10 per hour lower than the existing workers. The so-called second-tier wage was … Continue reading
Boeing | To cut 30 percent of management jobs
Boeing Co said on Wednesday it will restructure its defense, space and security business and cut 30 percent of management jobs from 2010 levels as part of a broad cost-cutting drive. Boeing, the Pentagon’s second-largest supplier, said it also will close some facilities in California and consolidate several business units in an effort to trim … Continue reading
Hawker Beechcraft Announces Layoffs to more than 400 employees
A letter sent by Hawker Beechcraft to its employees Wednesday informed them that the company would be cutting workers and closing specific facilities, resulting in job losses for more than 400 employees. Hawker Beechcraft Services facilities in Little Rock, Ark., Mesa, Ariz., and San Antonio, Texas, will “begin the process of closing,” shedding some 240 … Continue reading
Australia | More jobs but participation shrinks
Australia’s unemployment rate remained steady in October, but there were fewer people looking for jobs and fewer hours being worked. Official figures released on Thursday showed the unemployment rate remained at 5.4 per cent in October, with 10,700 extra people finding employment in the month. However, the percentage of working age Australians either employed or … Continue reading
New Zealand | Unemployment the highest in 13 years
Latest figures show more and more New Zealanders are out of work, with unemployment the highest in 13 years. Experts are calling it “shocking” while unions say it’s a “national crisis”. And the unemployment rate of 7.3% even took the Prime Minister by surprise although he has questioned if his own statisticians have got it … Continue reading
Canada – Private sector loosing jobs
Canada may have added 1,800 jobs in October, but that number hides the fact that almost all the gains came from government and that the private sector lost more than 20,000 jobs. The 1,800 jobs added was already a disappointment compared with the 10,000 economists had forecast. According to Statistics Canada, that left the unemployment … Continue reading
Bombardier cuts 1,200 jobs in train unit
Bombardier Inc (BBDb.TO: Quote) will delay the inaugural flight of its all-new C-Series jetliner by six months, the plane and train maker said on Wednesday, as it reported weaker-than-expected quarterly revenue and said it would cut 1,200 jobs in its rail unit. The Montreal-based company said it was making good progress with its $3.4 billion … Continue reading
Japan – Electronic Components – Ferrotec To Cut 800 Jobs
Ferrotec Corp. (6890), a Japanese maker of electronic components, plans to cut about 800 jobs across the company as it restructures its solar product business. Ferrotec will stop making and selling silicon ingots, wafers and cells used for solar panels under its own brand, the Tokyo-based manufacturer said today in a statement. It will produce … Continue reading
UK – Comet – Staff offered Christmas jobs by Dixons
The electrical chain Dixons is offering Christmas jobs to hundreds of Comet staff who face redundancy because their firm is insolvent. The administrators, appointed last week, are keeping the Comet stores open in the hope of finding a buyer. But the outlook for the 7,000 staff is bleak and they all face potential redundancy. Sebastian … Continue reading
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