Job Market Monitor
Economy
Testimonies / Unemployment stories: Hello from the underclass
The real unemployment rate in southwest Detroit is almost 50%. Seventeen rural South Carolina counties just closed their unemployment offices due to budget cuts, despite high unemployment. In New York, unemployed people say they’re being discriminated against in job searches. The life of the unemployed American is not easy. Each week, we bring you true … Continue reading
Volvo / 1,000 new layoffs for 2013
Volvo Car Corporation announced on Wednesday it would cut about 1,000 jobs and slash $237 million in costs by the end of this year. The Swedish automaker wants to reverse recent losses caused by weak sales in Europe. Volvo CEO Hakan Samuelsson told Swedish public television SVT that 1,000 consultants and white-collar workers would need … Continue reading
UK / Unemployment falls to 2.5m
UK unemployment fell in the three months to December, while the number of people in work jumped to a new record. The jobless total fell by 14,000 between October and December to 2.5 million, the Office for National Statistics (ONS) said. The number in work rose by 154,000 to 29.7 million. More than 580,000 more … Continue reading
BAE Systems / Layoff Notices to 1,368 workers
The 1,368 BAE Systems workers who repair and upgrade warships in San Diego have been notified that they’re at risk of being laid off because Congress hasn’t passed a new budget. Lawmakers approved a so-called continuing resolution last year that has kept government going. But it expires on March 27, threatening funding for everything from … Continue reading
UK / 1 in 7 employees in work at the start of the recession have been made redundant
We get the latest official snapshot of the UK jobs market today. Whatever the figures show they can’t disguise the hard time many people are having, exemplified by yesterday’s news that 1,700 jobseekers applied for eight jobs on offer at a branch of Costa Coffee in Nottingham. The pain felt in recent years is also … Continue reading
US / Nanosolar / 75% of staff laid off
While few manufacturers are profitable in today’s photovoltaic market, U.S.-based Nanosolar has had a particularly tough ride in taking its technology to scale. The Silicon Beat website reported the news yesterday, that as much of 75% of Nanosolar’s staff were laid off on Friday, February 15. The source of the report was an anonymous employee … Continue reading
HMV / 464 Jobs cut due to 37 stores closure
Troubled entertainment retailer HMV is to close another 37 stores with the loss of 464 more jobs, according to the administrators. Joint administrator Nick Edwards said: “As part of our ongoing review of HMV’s financial position, we have undertaken a further review of the store portfolio and have identified an additional 37 stores for closure. … Continue reading
Europe / Danone to cut 900 jobs
French food and drink company Danone has said it will cut 900 jobs after weakness in southern European economies hit sales. The owner of Activia yogurt and Evian bottled water reported sales of 20.1bn euros ($26.8bn; £17.3bn) in 2012, up 5.4% from a year earlier. But sales in Europe fell 3% following a “severe deterioration” … Continue reading
China / Services employment has climbed for four years
Seven years ago, Cheng Shuangping quit her assembly job at an electronics company in central China to move to Beijing to work as a waitress and a clothing saleswoman before managing a foot-massage spa. “The assembly work was boring and the pay was meager,” Cheng, 34, said in an interview at Oriental Foot Massage near … Continue reading
After the Great Recession: The Challenge
Joshua Meltzer, David Steven and Claire Langley in The United States After the Great Recession: The Challenge of Sustainable Growth (Brookings Institution) write: “Never before has our nation enjoyed, at once, so much prosperity and social progress with so little internal crisis and so few external threats,” President Clinton argued in January 2000 in his final State … Continue reading
Emirates / One in three companies now hiring
One in three companies across the Emirates is now in hiring mode, according to a top recruitment website, as the economy shows further signs of recovery. Some 35 per cent of UAE firms said they were “definitely hiring” staff over the next three months, research published yesterday from Bayt.com and YouGov showed. That compares with … Continue reading
Barclays / To cut 3,700 jobs
Scandal-hit banking giant Barclays has said it was axing at least 3,700 jobs under a strategic overhaul, but revealed it was paying £ 1.85 billion sterling in bonuses to staff, RTE Ireland reported on 12 February. Chief executive Antony Jenkins is shutting the bank’s controversial Structured Capital Markets tax advisory division. He said 1,800 jobs … Continue reading
US / Job creation is harder
Something’s changed in how the economy works. One theory is “deleveraging”: Americans paying down their high debt. The economy won’t accelerate until this process is complete, the argument goes; the fact that debt-service ratios have dropped to early 1990s levels is considered a good omen. Another approach is to examine the economy by sectors and … Continue reading
India / Public Sectors Banks (PSU) to hire 56,500 jobs in next 6 months
Public sector banks, from State Bank of IndiaBSE 0.85 % to Allahabad BankBSE 1.79 %, will hire as many as 56,500 people in the next six months in the highest ever recruitment drive by the industry in more than a decade as business grows and the threat of new banks looms as the Reserve Bank … Continue reading
Australia / Labor jobs plan with $1 billion cuts in R&D tax incentives
A FEDERAL government plan to cut $1 billion from research and development tax incentives to big business to pay for measures to boost smaller companies has raised concerns it could be counterproductive. Prime Minister Julia Gillard unveiled the government’s plan for Australian jobs in its industry and innovation statement on Sunday. The three-part proposal involves … Continue reading
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