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OECD – High jobless rates to last until at least the end of 2013
The Employment Outlook 2012 says that the OECD-wide joblessness rate is forecast to remain high at 7.7% in the fourth quarter of 2013, close to the 7.9% rate in May 2012. This leaves around 48 million people out of work across the OECD. In the Euro area, unemployment rose further in May to an all-time … Continue reading
US – A Very Bad Recovery – Worse Ever ?
The stats are daunting. The unemployment rate has been above 8 percent for 41 consecutive months, yet as cited above, that number only reflects those people participating in the labor force. The labor force participation rate was 63.8 percent last month, one of the lowest percentages on record. If not for that convenient anomaly, unemployment would be … Continue reading
Job Market Recovery – Great Recession vs Great Depression
( By Bill McBride) – The causes of the Great Recession were similar to the Great Depression – as opposed to most post war recessions that were caused by Fed tightening to slow inflation – and I’m frequently asked if we could compare the percent job losses during the two periods. Unfortunately there is very little data … Continue reading
Best Buy – 2,400 layoffs
Best Buy is laying off 2,400 employees chainwide, a company spokesman said Friday. There was no word about whether Kansas City-area employees would be affected, but no additional stores will close as part of the layoffs. Bruce Hight, a spokesman for Best Buy (NYSE: BBY), said the layoffs will affect about 600 employees of Geek Squad, … Continue reading
Report – Too Much to Lose: Understanding and supporting Britain’s older workers
The report Too Much to Lose: Understanding and supporting Britain’s older workers by Matthew Tinsley published on policyexchange.org.uk examines the position of over-50s in the UK labour market. It outlines the large barriers to work that they face and highlights that the majority of these barriers remain unaddressed by government support. It argues that without reforms to address these issues, … Continue reading
IMF – Global Economic Outlook More Worrisome
Delivering the Nikkei Symposium Keynote Speech in Tokyo, Lagarde said, “In the IMF’s updated assessment of the world economy, to be released ten days from now, the global growth outlook will be somewhat less than we anticipated just three months ago.” “And even that lower projection will depend on the right policy actions being taken,” … Continue reading
Brazil Hikes Tariff On Shoes to Protect Jobs From China
Brazil is one of the hottest shoe makers around, but China is catching up. And they have the scale to make brand name sneakers and sandals a lot cheaper than Brazilians do. So on July 4, Brazil decided to impose tariffs of up to 182 percent on footwear parts and accessories coming from China in … Continue reading
Federal Government Can Restore Full Employment – If Only it Wanted to Do So
‘Three years after our worst recession since the Great Depression officially ended, the U.S. economy is still very weak’ writes Mark Weisbrot. The people most hurt by this weakness are the unemployed and the poor, and of course the two problems are related. We have about 23 million people who are unemployed, involuntarily working part-time, or have … Continue reading
Philippines – Unemployment falls to 26.6% in Social Weather Stations’ survey
Unemployment in the country dropped from an estimate of 13.8 million individuals in the first quarter to 10.9 million individuals in the second quarter, according to a recent survey by the Social Weather Stations (SWS). The survey, conducted from May 24 to 27 and first published in Business World, showed that the number of jobless … Continue reading
Ontario Power Generation cuts 1,000 jobs
Ontario Power Generation is shedding 1,000 jobs across the province as it prepares for a coal-free future. OPG spokesperson Ted Gruetzner said Wednesday that the move away from coal generation and toward alternative and gas energy sources will reduce the amount of electricity the organization produces, currently about 60% of the province’s supply. The company … Continue reading
Saab hiring again
Eight months after eliminating 13 percent of its workforce, East Syracuse-based Saab Sensis Corp. has returned to profitability and is hiring once again, easing concerns that arose about the company’s future after its takeover last year by a Swedish firm. The maker of military radars and air traffic management systems recently had its first profitable … Continue reading
China – Sany has started cutting its workforce
Sany Group, China’s biggest maker of construction machines by revenues, has started cutting its workforce in one of the clearest signs yet of the pain in the country’s industrial sector as growth slows in the world’s second-largest economy. China’s heavy machinery makers, which include companies such as Sany, Zoomlion and Shantui, have seen sales drop … Continue reading
U.S. planned layoffs at 13-month low in June but up 15.2 percent from the first six months of 2011 – Education leading
The number of planned layoffs at U.S. firms fell in June to its lowest level in over a year, suggesting employers were not rapidly downsizing even as the economic recovery slows, a report on Thursday showed. Employers announced 37,551 planned job cuts last month, down 39.3 percent from 61,887 in May, according to the report … Continue reading
Ireland – The Celtic Tiger – Unemployment hits 14.9 per cent – Women hardest hit
Government statisticians say Ireland’s unemployment rate has risen to an 18-year high of 14.9 per cent, underscoring the country’s struggle to stimulate its economy amid debt fears and austerity pressures. via Sky News: Irish unemployment hits 14.9 per cent. Unemployment rate (To April 12012) — Number of women joining dole queues double that of men … Continue reading
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