Job Market Monitor
Economy
The Obsession with Growth Rates
For progressives, the economy of the mid-20th century constitutes a kind of paradise lost. Between 1947 and 1973, mean family income doubled, rising as much among the poor as among the rich. By contrast, from 1973 to 2007, income growth was half as great. While growth was less equally distributed than in the earlier “Golden … Continue reading
Spain / Caixabank to cut about 3,000 jobs
CAIXABANK, Spain’s biggest bank as measured by assets under management, plans to slash around 3,000 jobs as part of a restructuring. The Barcelona-based bank said the restructuring was needed following the purchase of smaller rivals Banca Civica and Banco de Valencia, which has caused its staffing levels to soar. “The implementation of this restructuring will … Continue reading
US / Estimated Impact of the American Recovery and Reinvestment Act
As required by law, CBO prepares regular reports on its estimate of the number of jobs created by the American Recovery and Reinvestment Act of 2009 (ARRA), which was enacted in response to significant weakness in the economy. CBO develops estimates of ARRA’s effects on output and employment by looking at recorded spending to date … Continue reading
British Gas / To create 1,000 ‘green jobs’
British Gas has unveiled plans to create 1,000 “green” jobs over the next three years for young, unemployed people. The energy giant has teamed up with environmental charity Global Action Plan and consultancy Accenture to provide free training to more than 1,400 young people not currently in education, employment or training. Each person who completes … Continue reading
Kentuky and Virginia / More than 800 coal jobs
After many rounds of layoffs, hundreds of coal mining jobs are coming back to the region. Officials with Professional Contracting say they are currently looking to fill more than 800 jobs. Ever since Alpha Natural Resources idled four mines and laid off hundreds of workers in January, Its been the word about town. “There was … Continue reading
New Zealand / A jobs crisis?
Transpacific waste management is the latest company to announce job cuts. It comes at the end of a week when at least 1000 more workers could be facing unemployment with Telecom restructuring and Solid Energy in financial trouble. But are we facing a jobs crisis? Transpacific has announced 200 jobs across Australia and New Zealand … Continue reading
Ohio / Appliance Industry / 400 lose jobs
400 people at one of Painesville’s largest employers were notified of layoffs Friday. Core Systems, LLC is shutting down productions after 50 years in the manufacturing industry. The company makes custom molded parts in the appliance industry for clients including GE, Whirlpool, Bosch and Electrolux. Core Systems President Bill Loebbaka says the lender gave the order to … Continue reading
Germany / Commerzbank / To cut 1,800 jobs
Germany’s Commerzbank AG said Friday that 1,800 jobs in its German retail branches, or about 11% of the retail jobs in Germany, will be cut by the end of 2015. The bank’s management said it has adopted a policy statement to avoid compulsory redundancies in the process. The bank has said it plans to cut … Continue reading
US-Japan / Trade Talks and Jobs
We should welcome and encourage Japan’s interest in freer trade. But let’s not roll out the red carpet for TPP’s arrival just yet. Abe is the seventh Prime Minister of Japan in six years, so it might come as no surprise that his government’s plan to boost Japan’s stagnant economy is designed to play well … Continue reading
Euro zone / The economy to shrink again in 2013
The euro zone will not return to growth until 2014, the European Commission said on Friday, reversing its prediction for an end to recession this year and blaming a lack of bank lending and record joblessness for delaying the recovery. The 17-nation bloc’s economy, which generates nearly a fifth of global output, will shrink 0.3 … Continue reading
Italy / Hiring in recession
Bioplastics group Mossi & Ghisolfi has hired 50 people a year for the last five years – not bad when Italy’s unemployment has risen steadily to a 13-year high above 11 percent. Now a world leader in its field, the Piedmont-based firm is so specialized that, to meet booming demand, it is even wooing home … Continue reading
Indonesia / Minimum Wage / At least 500,000 workers in about 1,500 companies across the country might lose their jobs Employers Association says
Indonesian Employers Association (Apindo) chairman Sofjan Wanandi said that at least 500,000 workers in about 1,500 companies across the country might lose their jobs in March as the companies were no longer able to pay their workers in accordance with the new minimum wages. “I think half a million is the smallest figure we are … Continue reading
US / Unemployment claims rise in latest week
The number of Americans seeking unemployment benefits jumped 20,000 last week to a seasonally adjusted 362,000, though it remained at a level consistent with modest hiring. The Labor Department said Thursday that the four-week average, a less volatile measure, rose 8,000 to 360,750, the highest in six weeks. A department spokesman said heavy snowstorms in … Continue reading
Eurozone / Panic-driven austerity: the more intense the austerity, the larger is the subsequent increase in the debt-to-GDP ratios study finds
“How well did this panic-induced austerity work?” “Some will say that this is the price that has to be paid for restoring budgetary orthodoxy. But is this so?” Those are the questions asked by Paul De Grauwe andYuemei Ji in Panic-driven austerity in the Eurozone and its implications. (Quotes to follow) We provide some answers in Figures … Continue reading
Netherlands / Gloomy Figures: Unemployment rate reaches 7.5%
A string of gloomy figures from the national statistics office CBS on Thursday show the Dutch economy is still in crisis. The jobless rate in January hit 7.5%, the CBS said, a rise of 0.3 percentage point on December. Over the past three months, an average of 19,000 people have joined the ranks of the … Continue reading
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