Job Market Monitor
Economy
Finland / April unemployment at 8.8%
According to Statistics Finland, April unemployment stood at 8.8%. In March the figure was 9%. In April 2012, it was 8.4%. Figures from the Ministry of Employment and the Economy show that there were around 40,000 more unemployed job seekers in April than there were one year previously. The rate of unemployment among men last … Continue reading
Brazil / Govt Has Created More than 4 Million Jobs since 2011
Brazilian President Dilma Rousseff, stated today that more than four million new formal jobs have been created since 2011, an important step in reducing inequality in the country. More jobs and wage increases are key factors for reducing inequalities in the country, Rousseff stressed today in her weekly radio program, “Coffee with the President.” “If … Continue reading
The 70s / Did we need a terrible recession? asks Krugman
What we did have was a wage-price spiral: workers demanding large wage increases (those were the days when workers actually could make demands) because they expected lots of inflation, firms raising prices because of rising costs, all exacerbated by big oil shocks. It was mainly a case of self-fulfilling expectations, and the problem was to … Continue reading
Spain / A crisis education reform
Spain’s government has approved an emergency reform of the crisis-hit education sector, hoping to reduce the number of school dropouts and curb the soaring youth unemployment rate. Deputy Prime Minister Soraya Saenz de Santamaria said the plan aimed to improve young people’s job prospects at a time when unemployment among those aged 16 to 24 has surpassed … Continue reading
Russia / Human capital development is the challenge says OECD
To pursue economic growth, Russia must develop its human capital, which requires structural reforms in education, healthcare and pensions. These, in turn, must respond to major trends in service provision, including the increasing role of individual choice, the need to deliver lifelong learning and healthcare, and the risk that Russians will increasingly buy services abroad, … Continue reading
Quebec / Alcoa and Alcan postpone smelter upgrades with impacts on jobs
With an aluminum market weighed down by surpluses, Alcoa Inc. and Rio Tinto Alcan are postponing billions in upgrade and expansion plans to their smelters in Quebec. While some 750 Rio Tinto Alcan employees will get to keep their jobs longer, 500 Alcoa workers will be pushed into early retirement. Alcoa is deferring by three … Continue reading
Egypt / The worst economic crisis since 1930s
Former finance minister and economist say Egypt is in dire predicament as foreign investment and tourism collapse Egypt is suffering its worst economic crisis since the Great Depression, a former finance minister of the country and one of its leading economists have warned. In terms of its devastating effect on Egypt’s poorest, the country’s current … Continue reading
RBS / 1,400 Jobs cut in UK
Royal Bank of Scotland Group Plc, the recipient of the world’s biggest banking bailout, will cut 1,400 jobs at its U.K. consumer banking unit in the next two years. The lender will spend 700 million pounds ($1.07 billion) updating its branches and improving its complaints handling and mortgage processing, it said in a statement today. … Continue reading
ThyssenKrupp / 3,000 admin jobs to be cut
German heavy industry giant ThyssenKrupp said on Wednesday it plans to axe 3,000 administrative jobs worldwide as disastrous investments in steel operations overseas tore holes in its balance sheet in the second quarter. “Overall the number of employees in administrative functions in the group worldwide is to be reduced by around 3,000 from its current … Continue reading
HSBC / Up to 14,000 jobs to be cut
HSBC has said it may cut an additional 14,000 jobs globally as part of a restructuring plan to reduce costs and increase profitability. The bank is aiming to save another $3bn (£2bn) in annual costs as tougher regulations eat into profits. The layoffs would cut the firm’s total headcount to between 240,000 and 250,000 over … Continue reading
UK / Unemployment starts to rise again
Unemployment jumped and average wage rises dropped to their lowest rate on record in the three months to March, underlining concerns at the slow pace of the UK’s recovery. There was an increase in unemployment of 15,000 in the first quarter of the year while during the same period regular pay rose by just 0.8%. … Continue reading
US / Industrial production drops 0.5% in April
Industrial production slumped 0.5% in April, dragged lower by a big drop in utilities output but also by a drop in manufacturing, the Federal Reserve said Wednesday. Economists polled by MarketWatch expected a drop of 0.3%. In addition, March’s growth was downwardly revised to 0.3% from 0.4%, and February’s growth was downwardly revised to 0.9% … Continue reading
US / Job openings and unemployment are both worsening
When an economy is humming, there are lots of job openings and low unemployment. When the economy is malfunctioning, there are few openings and unemployment is high. The regular relationship between job openings and unemployment is called the Beveridge Curve. If the curve shifts outward it means that a given level of job openings is associated … Continue reading
UK / The 18-24’s Job Gap: 395,000 jobs finds TUC research
People aged 18-24 are far less likely to be in work today than before the recession and 395,000 more jobs are needed before youth unemployment rates return to their 2008 level, according to research by the Trade Union Congress (TUC). The research has been published ahead of the latest employment figures tomorrow, which are expected … Continue reading
Employment, Obamacare and Education
Even though the headline unemployment rate is falling, a large part of that drop is due to the precipitous plunge in the participation rate, as well as a rise in low-paying jobs. Curiously, it now seems a disproportionately high level of temporary jobs is no longer a precursor to economic recovery but is a new … Continue reading
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