Job Market Monitor
Economy
UK / Recession is a good time to start a business says Lord Young
The prime minister’s adviser on enterprise has told the cabinet that the economic downturn is an excellent time for new businesses to boost profits and grow because labour is cheap, the Observer can reveal. Lord Young, a cabinet minister under the late Baroness Thatcher, who is the only aide with his own office in Downing … Continue reading
Sharp / To cut another 5,000 jobs
Japan’s financially beleaguered Sharp Corp. is expected to reveal that it will be eliminating 5,000 positions from its current workforce of 51,000 by March of 2016. As the TV manufacturer struggles to stay afloat after losses amounting to billions of dollars over the last fiscal year, their revival plans will see the sales of factories … Continue reading
Canada / Employment was little changed – the unemployment rate remained at 7.2%.
Following a decline the previous month, employment was little changed in April and the unemployment rate remained at 7.2%. Compared with 12 months earlier, employment increased 0.9% or 163,000, all in full time. The total number of hours worked rose by 1.5% over the same period. Chart 1 Employment Provincially, employment grew in Alberta, while it fell in Manitoba, New Brunswick and Newfoundland … Continue reading
Australia / 50,100 jobs added unemployment down
The unemployment rate has confounded most economists by falling from 5.6 to 5.5 per cent. The Bureau of Statistics labour force survey estimates that 50,100 jobs were added in April, with 34,500 full-time positions and 15,600 part-time jobs created. Economist forecasts in a survey by Bloomberg centred on only 11,000 jobs being created which was … Continue reading
Lloyds / To slash another 850 jobs
The latest cull means the bailed-out banking giant has axed more than 30,000 jobs since 2008, according to the union. The new round of cutbacks includes 690 jobs which are expected to go with the closure of a large office in Southend, Essex. The remainder are going in its commercial and insurance operations. Chosen excerpts … Continue reading
India / A “demographic dividend” ?
ONE of India’s bigger private-sector employers can be found in Patna, the capital of Bihar, a poor, populous state in the east of the country. Narendra Kumar Singh, the boss, has three gold rings on his right hand and arms big enough to crush rocks. His firm, Frontline, has 86,000 people on its books. They … Continue reading
Electronic Arts / Layoffs Hit 10 Percent of Workforce
So, those “hard but essential changes” and “difficult organizational decisions” Electronic Arts announced back in late April, but refused to explain in detail? It did so last night during its fourth-quarter earnings call, and they’re not pretty. Since announcing that organizational update on April 25, EA has sacked 10 percent of its workforce, CFO Blake … Continue reading
New Zealand / Unemployment Rate drops at 6.2 per cent
The job market stormed ahead in the March quarter, with unemployment tumbling to 6.2 per cent in the March quarter, compared with a revised 6.8 per cent in the December quarter. In a rebound from bad figures in the December quarter, there were 38,000 more people employed this quarter – up 1.7 per cent, Statistics … Continue reading
US / A bill to change overtime pay law
The Republican-led House is poised to approve a bill that would give private sector workers the option of choosing paid time off instead of cash wages for working overtime. The measure would allow employees who work more than 40 hours a week to save up their earned time off for use weeks or months later. … Continue reading
Americans Give Priority to Jobs and the Economy over Guns and Immigration Reform Gallup finds
Americans put reforming immigration and reducing gun violence — the focus of much of the attention on Capitol Hill in recent weeks — at the bottom of a list of 12 priorities for Congress and the president to address. Americans instead say leaders in Washington should give highest priority to jobs and the economy, followed … Continue reading
Young American / Where the Jobs Are and Aren’t
In three regions – the upper Midwest, New England and the area around Washington – the job market for younger adults is considerably stronger than in the rest of the country. These three regions are the closest thing to an exception to the trend I described in a Sunday column: the sharp decline in employment … Continue reading
US / The number of self-employed at all-time low
The unemployment rate in the United States is at a four-year low, but another labor stat is shrinking in not such a favorable way: a decline in the number of self-employed Americans suggests the personal business will soon be a thing of the past. Since the Great Depression, the number of Americans who identify themselves … Continue reading
Sanyo / Layoffs vs tax incentives
Five years ago, taxpayers provided more than $42 million in incentives to lure Sanyo Solar of Oregon to Salem. Tax credits, land write downs, grants and other incentives caused corporate decision-makers to look favorably on Salem. With many of those incentives, however, came conditions. Sanyo would have to hire a certain number of workers, pay … Continue reading
Oracle / Layoffs announced to employees
Sources are telling us that some Oracle employees got pink slips on Friday. All of them are from Sun Microsystems’ hardware groups. Friday’s layoffs hit employees in the “legacy hardware” units from Sun, particularly salespeople and some managers, our source tells us. Details are sketchy but like previous Oracle layoffs, we’re estimating the layoff is tiny and … Continue reading
China / Is This the End of Cheap Labor?
It’s been the lament of everyone for years now: Cheap Chinese labor is killing the job market. With lower wages and lax regulation, the giant sucking sound we heard was manufacturing jobs headed from Sheboygan to Shenzhen. But now China’s new found riches are starting to turn in on themselves in the form of much … Continue reading
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