Job Market Monitor
Economy
Germany / Unemployment rate down at 5%
Germany’s unemployment rate declined in January, figures published by the Federal Statistical Office revealed Thursday. The seasonally adjusted ILO unemployment rate dropped to 5 percent in January from 5.1 percent in December. In January last year, the jobless rate was 5.4 percent. The number of unemployed persons in Europe’s largest economy decreased to around 2.14 … Continue reading
Best Buy in US / To cut 2,000 managers
Best Buy Co. Inc. apparently told about 2,000 managers around the United States on Wednesday that they were being laid off, a move that would be the company’s biggest job reduction since July 2012 as it continues to cut costs following a weaker-than-expected holiday season. The layoffs will affect about 1.4 percent of Best Buy’s … Continue reading
Manufacturing in Ontario / Some 300,000 jobs lost over the past decade
Ontario’s manufacturing sector was once the bedrock of the province’s economy. But over the past decade the sector has lost some 300,000 jobs and its share of GDP has declined sharply. Whereas in 2002 the sector accounted for 8.9 per cent of Canada’s GDP and 21.7 per cent of Ontario’s, it now accounts for just … Continue reading
Sony in US / Closing 20 stores and cutting 1,000 jobs
Sony warned earlier this month about significant and serious reorganization changes coming this year, and now they’re becoming a reality for many employees in the United States. The consumer tech giant announced on Wednesday morning that it will be shuttering 20 stores. This in turn will result in approximately 1,000 layoffs at these locations nationwide. … Continue reading
US / Manufacturing in International Perspective
This report is designed to inform the debate over the health of U.S. manufacturing through a series of charts and tables that depict the position of the United States relative to other countries according to various metrics. Understanding which trends in manufacturing reflect factors that may be unique to the United States and which are … Continue reading
IBM / Union Expects as many as 15,000 job cuts worldwide
The IBM (IBM) employee union Alliance@IBM is buzzing with rumors the vendor will begin a new round of layoffs today (Feb. 26) that workers fear could hit as many as 15,000 jobs worldwide. With IBM chief financial officer (CFO) Martin Schroeter on record saying the vendor will spend up to $1 billion on “workforce rebalancing,” … Continue reading
JPMorgan Chase / To cut 5,000 jobs
US banking giant JPMorgan Chase Tuesday said it would eliminate 5,000 jobs from its global workforce this year. JPMorgan forecast its total headcount in 2014 at 260,000, down from 265,000 in 2013 and 280,000 in 2011, according to a presentation posted to the JPMorgan website ahead of an investor day. A major unit … Continue reading
Ghana / 600 jobs cut at Newmont Mines
Newmont Ghana, a subsidiary of US-based Newmont Mining Corp. has revealed plans to cut up to 600 jobs in its two operating mines by the end June, due to ageing facility and slumping gold prices. The planned cuts, mostly at Ahafo mine, became necessary to help readjust expenditures to the ageing milling rate, ensuring the … Continue reading
Namibia / Employers welcome Vocational Education and Training Levy
The Namibia Employers’ Federation (NEF) has in principle welcomed the implementation of the Vocational Education and Training (VET) levy, which was published in the Government Gazette of January 27, 2014. “We encourage all employers to accept the levy and to see it as a medium to long-term investment in the country as a whole. It … Continue reading
EU labour market / A growing North-South divide
Vacancy trends in the European labour market indicate a widening gap in job opportunities between Northern and Southern countries. The latest issue of the European Vacancy Monitor (EVM) reveals a shortage of labour supply in countries such as Austria, Denmark Sweden, Estonia and Latvia, while competition for jobs is increasing in countries such as Greece, … Continue reading
Qantas / To cut 5000 jobs
QANTAS is gearing up to axe 5000 jobs and sell its terminal at MelbourneAirport to prove to the Abbott Government it can make the tough business decisions required to obtain federal assistance. The airline may also take the razor to its budget offshoot Jetstar, slashing jobs and routes, as it lobbies the Government to provide … Continue reading
Royal Bank of Scotland / To cut up to 30,000 jobs
The Financial Times and the Daily Telegraph reported Friday that Royal Bank of Scotland would soon announce job cuts of between 20,000 and 30,000. They assumed the lender – owned 80 percent by the taxpayer – would inform the public about its plans while presenting an earnings report next week. The media reports suggested the … Continue reading
Minimum Wage Increase in US / The CBO’s estimates of the effects on employment and family income
Increasing the minimum wage would have two principal effects on low-wage workers. Most of them would receive higher pay that would increase their family’s income, and some of those families would see their income rise above the federal poverty threshold. But some jobs for low-wage workers would probably be eliminated, the income of most workers … Continue reading
Philippine / Unemployment rate in 2013 had worsened to 27.5 percent
It is saddening that despite the rapid economic expansion for the past two years, millions of Filipinos remain unemployed. This is what economists refer to as “jobless growth,” a phenomenon that afflicts many developing countries, debunking the myth that economic growth automatically translates to employment and poverty reduction. Halfway into his six-year term, President Aquino … Continue reading
Egypt / Unemployment remains at 13.4 percent
Egypt’s unemployment rate remained unchanged in the fourth quarter of 2013 at 13.4 percent of a labour force of 27.3 million people, according to state-run statistics body CAPMAS. Sixty-nine percent of unemployed people were aged between 15 and 29, and more than 82 percent of those young people held diplomas and university degrees. The CAPMAS … Continue reading
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