Job Market Monitor
Economy
US – Unemployment Claims : Finally some good news
SEASONALLY ADJUSTED DATA In the week ending June 30, the advance figure for seasonally adjusted initial claims was 374,000, a decrease of 14,000 from the previous week’s revised figure of 388,000. The 4-week moving average was 385,750, a decrease of 1,500 from the previous week’s revised average of 387,250. The advance seasonally adjusted insured unemployment … Continue reading
Federal Reserve Bank of Philadelphia’s coincident indexes for states decreased in nine states
The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for May 2012. In the past month, the indexes increased in 34 states, decreased in nine states, and remained stable in seven states, for a one-month diffusion index of 50. Over the past three months, the indexes increased in 47 … Continue reading
German unemployment climbs
Recent official figures have revealed that the number of unemployed people in Germany jumped by 7,000 in June, giving an unemployed rate of 6.8 percent of the workforce. The German Labor Office said on Thursday that the number of people out of work in Europe’s largest economy increased by a seasonally-adjusted 7,000 to 2.882 million … Continue reading
UK – Recession deeper than feared
The Office for National Statistics (ONS) confirmed the economy shrank by 0.3pc in the three months to March, unchanged on its previous estimate, but revised the data for the final quarter of 2011 from a contraction of 0.3pc to 0.4pc. The figures also revealed the toll the double-dip has taken on families. Household disposable income … Continue reading
Chicago – Federal Savings Bank to create 400 jobs
The Federal Savings Bank, a Kansas-based home lender bought last year by a pair of Chicago brothers in the mortgage banking business, is opening a national home loan center in the West Loop that it says will create 400 jobs over three years. The bank said it’s getting $18 million in tax breaks over 10 … Continue reading
Resolute: Layoffs to come with shutting down paper line at Catawba plant
Resolute Forest Products is shutting down one of four production lines at its Catawba plant. The No. 1 line which makes lightweight coated paper used in magazines and advertising fliers, will shut down June 30. Layoffs will start July 2, said Debbie Johnston, spokeswoman for the company known formerly as Abitibi Bowater. How many people … Continue reading
Pentagon: Automatic cuts could wipe out nearly 1 million jobs
The report, by the National Association of Manufacturers (NAM), is the latest in a growing heap of studies warning of dire economic consequences if policymakers fail to avert about $100 billion in cuts to the Pentagon and nondefense programs next year. Across-the-board budget cuts scheduled to hit the Pentagon in January would eliminate nearly 1 … Continue reading
GM – Brazil: Extending Voluntary Layoffs
The Brazilian unit of General Motors Co. (GM) said Friday that it is prolonging a voluntary layoff program at one factory and expanding the program to a second Brazil factory. GM said in a statement that it will accept volunteers until July 2 at its Sao Jose dos Campos factory to have their contracts bought … Continue reading
OECD – Canada: Overall productivity has actually fallen since 2002
Canada has weathered the global economic crisis comparatively well but will have to become more productive to sustain its high standard of living, according to OECD’s latest Economic Survey of Canada… The report identifies sluggish productivity growth as the main long-term challenge facing Canada’s economy. Per capita income has increased in recent years, as more people … Continue reading
Eurozone: India and China contributed 95 percent of the jobs created by the BRIC nations
As Eurozone companies fight recession, India and China contributed 95 percent of the jobs created by the BRIC nations after the US, which led the employment generation, according to a recent survey. The number of jobs created by BRIC investors in Europe increased by 8 percent in 2011, with India and China together accounting as … Continue reading
Arch Coal Layoffs – 750 workers in Appalachia
One of the world’s largest coal producers said Thursday it would lay off about 750 workers in the Kentucky, Virginia and West Virginia coalfields, the latest setback for an industry struggling to sustain market share as utilities switch to cleaner and cheaper alternatives to generate electricity. The bulk of the cuts by Arch Coal Inc., … Continue reading
UK – Accor to create 3,500 in three years
Accor, the hotel operator has launched people development strategy, strengthening its commitment to providing a learning and development support to its future and existing employees across its network of 185 hotels in the UK. Académie Accor unveils today its new campus in London, a first-of-its-kind UK professional training centre offering exceptional teaching facilities to ensure … Continue reading
China – Factories production drops for an eighth consecutive month
China’s factory sector shrank for an eighth straight month in June as export orders sentiment hit its weakest level since early 2009, according to a survey that indicates the country’s economic trough may extend well into the third quarter. The HSBC Flash Purchasing Managers Index, the earliest monthly indicator of China’s industrial activity, fell to … Continue reading
US – Wealth Gap by race widens
White Americans have 22 times more wealth than blacks — a gap that nearly doubled during the Great Recession. The median household net worth for whites was $110,729 in 2010, versus $4,995 for blacks, according to recently released Census Bureau figures. The difference is similarly notable when it comes to Hispanics, who had a median … Continue reading
Raising the minimum wage would be good for our economy
A higher minimum wage not only boosts workers’ incomes—something that is sorely needed to boost demand and get the economy going—but it also reduces turnover and shifts businesses toward a high-road, high-human-capital model. Still, some policymakers may be nervous about increasing the minimum wage while unemployment is so high. Yet, both the federal and states … Continue reading
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