Job Market Monitor
Economy
US- 5 years after the Great Recession
The economy reached another milestone last month: All 8.7 million jobs lost in 2008 and 2009 have now been regained. But while the nations payrolls are back to their previous high, they havent kept pace with growth in the working-age population over the last few years. Moreover, many of the jobs lost have been replaced … Continue reading
Canada – Aging population could have a positive effect on the labour market outcomes of youth research finds
Post-recession it is common to hear concerns that youth, facing high unemployment rates, are unable to find good job opportunities. Historically, youth have experienced higher unemployment rates than older workers. In the context of an aging workforce dominated by the baby boom generation and delayed retirement, there appears a general concern that older workers are … Continue reading
Foxconn in India – Layoffs announced
Foxconn India announced to its employees that it is “considering layoffs/retrenchment”, just two days after the company offered a voluntary retirement scheme VRS that would be valid till June 20. ET had written about the companys VRS plans on June 3, 2014, and this is the first time Foxconn is making it official. The company … Continue reading
Foreign-Owned Establishments in US Metro Areas – They employ some 5.6 million
Foreign-owned U.S. affiliates directly employ some 5.6 million workers spread across every sector of the economy. The number and share of U.S. workers employed in FOEs increased steadily through the 1990s before peaking in 2000 and then stagnating. The nation’s largest metro areas contain nearly three-quarters of all jobs in FOEs. Fully 74 percent of … Continue reading
Haier Group – 26,000 Layoffs in two years
China based Haier, maker of appliances and consumer electronics, started 2013 with 86,000 employees worldwide, but that number is likely to be about 60,000 by the end of 2014. Most of those layoffs have already happened. The company laid off 16,000 workers in 2013, and by the end of May 2014 the number was at … Continue reading
Hydro-Quebec – To cut hundreds of jobs
Hydro-Quebec, Canadas largest power utility, will eliminate hundreds of positions this year as the province looks to trim $2.7 billion in spending, QMI Agency has learned. The Crown corporation had already announced a series of buyouts but QMI has learned that the early retirements wont be enough to meet job-cutting targets. The Montreal-based utility was … Continue reading
ADP Job Report in US – Business Report and National Franchise Report will be issued together at 8:15 a.m. ET
ADP, a leading global provider of Human Capital Management solutions, will now issue the new ADP Small Business Report and the ADP National Franchise Report as separate monthly reports on the same day it issues the ADP National Employment Report. All three reports will be issued at 8:15 a.m. ET. This change will take effect … Continue reading
US – Hours worked for the three underperforming sectors—manufacturing, construction, and information—remain well below their pre-Great Recession levels
The three charts show hours worked for the largest sectors in the economy, grouped by performance relative to pre-Great Recession levels. These data provide insight into current sources of slack in the labor market. The Great Recession took a severe toll on total hours worked across all of these sectors. Excluding the education and health services … Continue reading
US – The 2009 Recovery Act directly created and saved jobs primarily in government finds St. Louis Fed
Over one-half of the fiscal spending component of the American Recovery and Reinvestment Act ARRA; i.e., the Recovery Act was allocated via grants, loans, and contracts. Businesses, nonprofits, and nonfederal government agencies that received this type of stimulus funding were required to report the number of jobs directly created and saved as a result of … Continue reading
Morrisons (UK) – To cut 2,600 jobs
UK supermarket chain Morrisons plans to cut 2,600 jobs as a result of changes to its management structure. The firm, which has 126,000 staff, will reduce layers of management, it said. Dalton Philips, Morrisons’ chief executive, said the changes would “lead to simpler, smarter ways of working”. The former chairman, Sir Ken Morrison, told the … Continue reading
India – Exports need to jump to create jobs report says
Domestic value added DVA content and the employment intensity of India’s exports has been declining over time. To overcome this, a dramatic increase in the absolute size of exports was essential to match or exceed the spill-over effect of exports as seen in the past, suggested Crisil in a report published ahead of new export … Continue reading
Canada – 6.8 unemployed people for every job vacancy in March
Canadian businesses reported 206,000 job vacancies in March, down 17,000 compared with 12 months earlier. For every job vacancy, there were 6.8 unemployed people, up from 6.3 in March 2013, the result of fewer job vacancies. Unemployment-to-job vacancies ratio increases in Quebec and Saskatchewan In Quebec, there were 10.1 unemployed people for every job vacancy, up from 7.5 in March 2013, as there were fewer job vacancies in the province. Chosen … Continue reading
Avtovaz (Russia largest carmaker) – To cut 13,000 job
Russias largest carmaker, AvtoVAZ, said on Friday it expects to cut 13,000 staff – more than previously indicated – at its Togliatti plant due to falling sales of its flagship Lada. Avtovaz slumped to a loss last year, and recently appointed CEO Bo Andersson is battling to revive business in a touch economic environment amid … Continue reading
Canada – Weak job creation in Ontario, Quebec and Atlantic provinces is a big risk to the economy
Finance Minister Joe Oliver was warned in a meeting Monday with top Bay Street economists that Canadas economy is at risk unless there is more job creation in central and eastern Canada. One of those economists, Douglas Porter, chief economist at BMO Capital Markets, told reporters after their meeting with Oliver that Alberta alone has … Continue reading
Job Openings in US – Return to prerecession levels
The number of job openings in the U.S. economy climbed to the highest level in seven years, becoming the latest labor-market gauge to recover ground lost during the recession.Job openings rose to 4.5 million in April, according to the Labor Departments job-openings and labor-turnover survey. The rate of job openings rose to 3.1% in April … Continue reading
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