Job Market Monitor
Economy
BP – Thousands of job cuts to come
BP will cut thousands of jobs cut across its global oil and gas business by the end of next year in a $1 billion restructuring programme announced on Wednesday following steep falls in oil prices. The British oil major said it was also considering deeper cuts to its 2015 budget beyond the $1-$2 billion reduction … Continue reading
Automation, jobs, and the future of work – There’s always painful dislocation
The topic of job displacement has, throughout US history, ignited frustration over technological advances and their tendency to make traditional jobs obsolete; artisans protested textile mills in the early 19th century, for example… A conversation Reid Hoffman: If you look at most of the automation, it comes down to man–machine combinations. And all productivity means … Continue reading
November Job Report in Canada – Employment was little changed
Following two months of notable gains, employment was little changed in November. The unemployment rate increased 0.1 percentage points to 6.6%. Compared with November 2013, employment increased by 146,000 (+0.8%), with part-time and full-time work up 1.9% and 0.6% respectively. Over the same period, the total number of hours worked was little changed (+0.1%). In the six months to November, employment grew by … Continue reading
November Job Report in US – Total nonfarm payroll employment increased by 321,000, highest since January 2012
Total nonfarm payroll employment increased by 321,000 in November, and the unemployment rate was unchanged at 5.8 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by growth in professional and business services, retail trade, health care, and manufacturing. Household Survey Data In November, the unemployment rate held at 5.8 … Continue reading
Education System in China – Could better serve its industry and economic development
China should reform its education system to better serve its industry and economic development. And the public should eliminate their discrimination against blue-collar workers… A doctorate graduate in electronic engineering from Tsinghua University who took a job as a blue-collar electrician in Shanghai stirred wide debate on the value of academic qualifications in modern China. … Continue reading
Toyota in Australia – To cut 2,600 jobs
Japanese auto major Toyota Motor Corp. (TM: Quote) Wednesday said its production and sales subsidiary in Australia, Toyota Motor Corp. Australia Ltd. or TMCA, would consolidate its corporate functions in Melbourne, that will lead to closure of operations in Sydney. Toyota Motor noted that TMCA’s new business structure will be from 2018 onward. According to … Continue reading
ADP US National Employment Report, November 2014 – 208,000 jobs in the private sector
Private sector employment increased by 208,000 jobs from October to November according to the November ADP National Employment Report®. Broadly distributed to the public each month, free of charge, the ADP National Employment Report is produced by ADP®, a leading global provider of Human Capital Management (HCM) solutions, in collaboration with Moody’s Analytics. The report, … Continue reading
Full Employment – The case for Paid Vacation
If we can’t take steps to increase the demand for labor, we can go the other way and try to reduce the supply. Specifically, we can try to increase the number of people employed by reducing the average number of hours worked. That should not sound far out. This is exactly the route taken by … Continue reading
France – More people were unemployed in October than ever before
More people were unemployed in France in October than ever before, data released Thursday showed, highlighting continued weak activity in the eurozone’s second-largest economy. The Labour Ministry said the jobless total in mainland France rose by 28,400 to 3,460,900, a 0.8 percent increase over one month and 5.5 percent over one year. President François Hollande … Continue reading
Europe – Unemployment rate was 11.5% in October 2014, 21.6% for youth
The euro area (EA18) seasonally-adjusted unemployment rate was 11.5% in October 2014, stable compared with September 2014 , but down from 11.9% in October 2013. The EU28 unemployment rate was 10.0% in October 2014, also stable compared with September 2014 and down from 10.7% in October 2013. These figures are published by Eurostat, the statistical … Continue reading
Unemployment in Germany vs Italy – Three lessons
Looking at sound economic growth in Germany and the long-lasting stagnation in Italy often raises the question of what is going on behind the scenes. Many Italian people ask themselves to whom or what should be blamed for, the government and policy makers, labour market reforms, education system or the culture? While the sluggish economy … Continue reading
Italian – Unemployment at record high and youth unemployment at 43.3 percent
Italy’s unemployment rate unexpectedly rose above 13 percent in October, setting a record as businesses refrain from hiring amid the country’s longest recession since World War II. The unemployment rate rose to 13.2 percent from a revised 12.9 percent the previous month, the Rome-based national statistics office Istat said in a preliminary report today. That’s … Continue reading
Singapore – Employment rate at record level
A Manpower Ministry report released on Friday (Nov 28) showed Singapore’s employment rate rose to an all-time high of 79.7 per cent this year – up slightly from the 79 per cent in 2013. The labour market saw an increase in women and older workers. Employees, especially low-wage workers, also drew higher salaries. More Singaporeans … Continue reading
US – A significant acceleration in the number of medium-wage jobs created
Earlier today, Deutsche Bank’s Torsten Slok sent out this chart (right), which shows job growth by level of wages. Here’s what he has to say: “…over the past year we have seen a significant acceleration in the number of medium-wage jobs created. The bottom line is that the labor market continues to tighten and it … Continue reading
US – 30% saying now is “a good time to find a quality job” Gallup finds
Americans’ perceptions of the job market are holding steady, with 30% saying now is “a good time to find a quality job,” matching the average since August. Although not positive on an absolute basis, that assessment is much brighter than was the case during periods of elevated unemployment from 2009 to 2012, including lows of … Continue reading
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