Job Market Monitor
Economy
Siemens / To cut 1,000 energy jobs in Europe and Asia
German engineering giant Siemens plans to cut 1,000 more domestic jobs at its energy division over the next few years, the Frankfurter Allgemeine Zeitung reported in its Tuesday edition. The company plans to initially cut 340 jobs in its energy-solutions unit in Erlangen and Offenbach, the daily newspaper said. “Siemens is thus reacting to the … Continue reading
It is not the economy stupid! Spanish and Italians CEOs Best Paid in Euro Zone
Despite posting record unemployment figures in the first quarter of this year, Spain and Italy’s CEOs are the best paid in the euro zone, according to a new report. The annual Pay in Europe survey from The Federation of European Employers revealed that an Italian CEO of a multinational company could receive up to €1,144 … Continue reading
President Obama / Call for a Living Wage
“And now is the time to make sure that we are putting in place a minimum wage that you can live on — (applause) — because 60 percent of those making the minimum wage are women.” President Obama’s call for the minimum wage to be increased to a living wage was very important. The living … Continue reading
Yes, Unemployment Benefits may rise Unemployment But … writes Krugman
A reader writes in, having just heard somebody or other claim that the current unemployment rate would be much lower if unemployment benefits were even less generous, and asks whether this can be true. And the answer is no. People who say things like this are fundamentally confused about what the economic research actually means. … Continue reading
France / Michelin cuts 700 jobs
Michelin is cutting just over 700 jobs at its Joué-lès-Tours plant in the Loire region of France. It is the latest car industry manufacturer to respond to the European downturn with layoffs. The news was not received well at the factory, which makes tyres for lorries. Patrick Fontaine, a 36-year veteran at the plant, wept … Continue reading
Philippine / Only a fourth land good jobs says WB
The World Bank said that the Philippines need to create 14.4 million good jobs- jobs that raise real wages and bring people out of poverty- until 2016. The Washington-based agency in the latest Philippine Economic Update said there were 10 million people unemployed or underemployed as of 2012 and with 1.1million new entrants each year, … Continue reading
US / Half of all STEM jobs are available to workers without a four-year college degree finds Brookings Institute
Workers in STEM (science, technology, engineering, and math) fields play a direct role in driving economic growth. Yet, because of how the STEM economy has been defined, policymakers have mainly focused on supporting workers with at least a bachelor’s (BA) degree, overlooking a strong potential workforce of those with less education but substantial STEM skills. … Continue reading
India / SMEs employ close to 40% of workforce, but contribute only 17% to GDP
Small and medium enterprises (SMEs) have been the backbone of the Indian economy. That is both a good and a bad thing. The good part first. Employing close to 40% of India’s workforce and contributing 45% to India’s manufacturing output, SMEs play a critical role in generating millions of jobs, especially at the low-skill level. … Continue reading
US / Employment Lags
The American economy may be the world’s biggest, but when it comes to job creation since the recession hit at the end of 2007, it is far from a leader. Indeed, contrary to the widespread view that the United States is an island of relative prosperity in a global sea of economic torpor, employment in … Continue reading
US / Lowering Expectations about Employment Gains for the coming years
“The buoyant monthly employment gains that accompanied prior recoveries are not likely to be repeated. Indeed, even if GDP growth were to surprise on the high side (3.1 percent for 2013 as illustrated in the cyclical LFPR scenario), employment growth generated by our model would still be just 147,000 per month in the current year, … Continue reading
US / Unemployment rate “was essentially unchanged” at 7.6 percent says BLS
Total nonfarm payroll employment increased by 175,000 in May, and the unemployment rate was essentially unchanged at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, food services and drinking places, and retail trade. (JMM: The UR was 7.5 percent last month) Household Survey Data Both the number of unemployed persons, … Continue reading
US / Weekly Jobless Claims fall. Better check tomorrow what is going on
SEASONALLY ADJUSTED DATA In the week ending June 1, the advance figure for seasonally adjusted initial claims was 346,000, a decrease of 11,000 from the previous week’s revised figure of 357,000. The 4-week moving average was 352,500, an increase of 4,500 from the previous week’s revised average of 348,000. Chosen excerpts by Job Market Monitor … Continue reading
Ireland / Unemployment rate steady at 13.7 percent
Ireland’s unemployment rate was 13.7 percent in May, unchanged from April’s downwardly revised figure, while the number of people claiming jobless benefit inched lower, data from the Central Statistics Office showed on Thursday. Unemployment benefit claimants fell 700 to a seasonally adjusted 426,100 last month. The unemployment rate in April was revised down to 13.7 … Continue reading
Greece / Unemployment rate rise to 26.8 percent, youth hardest hit
Greece’s jobless rate rose again in March, reflecting the pain of a crippling recession after years of austerity under the country’s international bailout. Record joblessness is a major angst for Greece’s coalition government as it scrambles to hit fiscal targets and show there is light at the end of the tunnel after years of unpopular … Continue reading
France / Unemployment rate hits 14-year high
France’s unemployment rate hit a 14-year high in the first quarter of 2013, casting fresh doubt on President Francois Hollande’s goal of reversing the rising jobless trend by year-end. The jobless rate of 10.8 percent, published by the INSEE statistics agency on Thursday, was the highest on record since the first quarter of 1999. The … Continue reading
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