Job Market Monitor
Economy
Biggest-Ever Corporate Layoffs at IBM – To Cut more than 111,000 Jobs
IBM is set to announce the largest round of corporate layoffs in history, culling 26 percent of its worldwide staff, or more than 111,000 people, beginning as early as this week, according to a report. The cuts are part of a reorganisation plan called “Project Chrome” that has been rumoured for several weeks, and which … Continue reading
The long-term employment challenge – The productivity solution
Global employment growth has been slowing for more than two decades. By around 2050, our research finds, the global number of employees is likely to peak. In fact, employee headcounts are already declining in Germany, Italy, Japan, and Russia; in China and South Korea, they are likely to begin falling as early as 2024. While … Continue reading
Crude oil’s collapse will cost 9,000 jobs at Schlumberger
Oilfield services giant Schlumberger plans to cut 9,000 jobs as the global collapse in crude oil prices crimps production in 2015 and perhaps even longer. The cuts — nearly 8% of Schlumberger’s 120,000 workers, were announced Thursday “to better align with anticipated activity levels for 2015,” the company said. Chosen excerpts by Job Market Monitor. Read … Continue reading
Sony – To cut 90 jobs closing all 14 Canadian stores
Sony Corp. has announced plans to close all 14 of its Canadian stores as it focuses on other areas of its business. The electronics giant said about 90 employees will be laid off as the stores shut down over the next six to eight weeks. Chosen excerpts by Job Market Monitor. Read the whole story at Sony … Continue reading
Jobless Claims in US – Increase to 316,000 in the week ending January 10
UNEMPLOYMENT INSURANCE WEEKLY CLAIMS ( seasonally adjusted) In the week ending January 10, the advance figure for seasonally adjusted initial claims was 316,000, an increase of 19,000 from the previous week’s revised level. The previous week’s level was revised up by 3,000 from 294,000 to 297,000. The 4-week moving average was 298,000, an increase of 6,750 … Continue reading
Target Canada – Closing 133 stores that employ 17,600 people
Target Canada is closing up shop. Target said Thursday that it will begin winding down its Canadian operations, which include 133 stores that employ 17,600 people. The Minneapolis-based company said it reviewed its Canadian subsidiary’s performance and concluded that it would not be profitable until 2021. “This was a very difficult decision, but it was … Continue reading
US – Why wages are not rising as job growth increases
Why wages are not growing for the vast majority of workers in the United States and what it will take to get us there. First, the trend of stagnating U.S. wage growth is nothing new. The past three decades of wage growth — save for the late-1990s boom — have given the median U.S. wage … Continue reading
Skills Gap in US – Skill shortages are not a significant factor impeding current employment growth research finds
Consistent with the view that much of current unemployment must be structural rather than cyclical in nature, even as unemployment has been slow to fall from its recent high level, a number of reports have cited short- ages of skilled workers as a significant barrier to business expansion. A 2011 report by Deloitte and the … Continue reading
Bombardier – To cut 1,000 aerospace jobs
Bombardier says it’s going to cut about 1,000 employees from its Learjet business in 2015, affecting sites in Mexico and the United States. The Montreal-based aerospace company says the cuts are due to weak demand for the Learjet 85 business jet. Chosen excerpts by Job Market Monitor. Read the whole story at Bombardier to cut 1,000 aerospace jobs … Continue reading
Alberta – it’s going to be very hard to avoid a recession this year Conference Board of Canada’s chief economist says
With 0il prices plunging almost 6o per cent and job cuts mounting within companies like Suncor Energy and Shell Canada, the spectre of recession has suddenly emerged in Alberta. After gushing about the “superstar” local economy at a speech in Calgary last November, the Conference Board of Canada’s chief economist, Glen Hodgson, ominously warned this week that “it’s going to be very … Continue reading
US – Job Openings increase to highest level since 2001
Job openings climbed in November to the highest level in almost 14 years as the strengthening U.S. economy fueled demand for labor. The number of positions waiting to be filled rose by 142,000 to 4.97 million in November, the most since January 2001, a report from the Labor Department showed today. The pace of hiring … Continue reading
Suncor – To cut 1,000 jobs
Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices. The job cuts will primarily affect contract workers, but will also involve a reduction in employee positions, according to Suncor’s announcement, made in a press release today. The Calgary-based company also said it will … Continue reading
Zimbabwe – Banks cut 1,000 jobs last year, union says
Banks in Zimbabwe cut 1,000 jobs last year, eliminating one post out of every six in the southern African country’s banking industry, a union official said. ZB Bank Ltd. eliminated 500 positions, while Steward Bank Ltd. and AfrAsia both trimmed 83, said Shepard Ngandu, assistant secretary general of the Zimbabwe Banks and Allied Workers Union. … Continue reading
UK – Jaguar Land Rover to create 1,300 jobs
Jaguar Land Rover (JLR). Though it’s now owned by the Indian conglomerate Tata, JLR employs more than 30,000 people in the UK and is growing fast. Today it announced it’s set to take on 1,300 new staff at its Solihull plant, who will work on a new Jaguar ‘crossover’ SUV model, a 4×4 based on … Continue reading
Evernote – Nearly 20 layoffs
According to a report from The Verge, Evernote, the mobile application that makes many of our lives far easier, has been hit with layoffs. The company has reportedly let go of nearly 20 employees from offices around the world in an effort to focus their attention to development efforts within Redwood City and Zurich. It’s … Continue reading
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