Economy

DuPont – 1,500 jobs cut

DuPont reported a lower-than-expected quarterly profit on Tuesday and announced 1,500 job cuts as part of a cost savings program designed to offset falling sales around the world. Shares of the chemical company fell 6 percent in premarket trading. The move by DuPont, a member of the Dow Jones industrial average and the maker of … Continue reading →

US – The number of workers age 55 and up grew by 3.5 million from September 2009 to September 2012

The number of workers age 55 and up grew by 3.5 million from September 2009 to September 2012. That represents the lion’s share of the gain of 4.2 million for all workers 16 and older, according to the Bureau of Labor Statistics. Two factors help explain the trend. First: demographics. In the three years ended … Continue reading →

Human Genome Sciences – Layoffs to continue

The job cuts continue at Rockville-based Human Genome Sciences as the biotechnology company folds its employees and operations into those of the British drugmaker that bought the firm this summer. The latest round of cuts targets 97 employees who were notified of the decision last week. The firm also warned that additional reductions would be … Continue reading →

Greece – The biggest cumulative loss of output of a developed-country economy in at least three decades

Greece is spiraling into the kind of decline the U.S. and Germany endured during the Great Depression, showing the scale of the challenge involved in attempting to regain competitiveness through austerity. The economy shrank 18.4 percent in the past four years and the International Monetary Fund forecasts it will contract another 4 percent in 2013 … Continue reading →

Ghana – 30,000 jobs lost in timber industry in last ten years

About 60 local timber companies have collapsed in the last 10 years, leading to the loss of about 30,000 jobs. Companies that had managed to survive the turbulence in the industry are currently producing below 50 per cent capacity. The Chief Executive of the Ghana Timber Millers Organisation (GTMO), Dr Kwame Asamoah Adam, made this … Continue reading →

American Airlines Layoffs – Tulsa families up in the air

After negotiations with the union and early retirement packages, company and union officials said this month that American would lay off 300 mechanics and about 70 fleet service workers in Tulsa by February. The layoffs will be effective in November … American Airlines layoffs leave families up in the air | Tulsa World.

Participation Historical Paterns: The unemployment rate today would be 9.3%

Some people — notably Republican presidential candidate Mitt Romney — have argued that to get the “real” unemployment rate, we should add back all the people who have left the labor force and consider them unemployed. Doing that gives an unemployment rate of around 11%, depending on what month you choose for a baseline. But … Continue reading →

No evidence working older persons reduces the job opportunities of younger persons

Between December 2007 and May 2010, the employment rate dropped by 6 percent for men ages 25-54, but less than 1 percent for workers age 55 and older. The pattern for women was equally dramatic: the employment rate dropped by 3 percent for younger women and actually increased by almost 1 percent for older women … Continue reading →

Chinese investment in US between 2000 and 2012 had created 27,000 jobs

Foreign direct investment in the United States from China hit a record high through the first nine months of 2012 despite election-year rhetoric against the country and a congressional report casting national-security suspicions on two Chinese tech companies. During this year’s first three quarters, Chinese enterprises poured $6.3 billion in FDI in the US, according … Continue reading →

The effect of population growth on per capita GDP growth is negative in developing countries | Minh Quang Dao

Based on data from the World Bank and using a sample of forty-three developing economies, the author finds that the growth rate of per capita GDP is linearly dependent upon population growth, both the young and old dependency ratios, the mortality rate. Continue reading →

Europe not doing enough on jobs and growth

The national governments of Europe are not doing enough to create jobs and growth. The president of the European Commission, Jose Manuel Barroso, delivered this message after meeting with representatives of employers and trade unions in Brussels. Barroso called for immediate action. The crisis is going on unabated. Average unemployment in the EU is over … Continue reading →

Manitoba – Motor Coach laying off 190

Bus manufacturer Motor Coach Industries is laying off 190 employees from its Winnipeg plant. A Motor Coach spokesperson confirmed the layoffs to CBC News late Thursday, citing decreasing customer demand. Glenn Tomchak, the local president with the International Association of Machinists and Aerospace Workers, said the company notified workers of the layoffs on Thursday afternoon. … Continue reading →

Sony – To trim its global headcount by 10,000 by end-March

Sony Corp said it will cut staff in its headquarters by a fifth and shutter a factory making camera lenses and mobile phones in Japan, providing new details of a previously announced plan to trim its global headcount by 10,000 by end-March. In addition to 1,800 at a chemical business it sold to a state-run … Continue reading →

Immigrant workers | Boosting The Incomes Of Less-Educated Native Workers

. The Economic Impact of Immigrant-Related Local Ordinances “… provides the first comparative look at the average economic effects of how restrictive versus non-restrictive immigration-related city ordinances affect a city’s business environment” writes the Americas Society. “Since 2005, in a climate of increasing concern and urgency about the nation’s current and future migratory flows, cities and … Continue reading →

Skills Gap in the US Economy (video)