Job Market Monitor
Economy
Russia / 1.5M jobs
Russia has 1.5mln vacant jobs for skilled labourers, professionals and intellectuals. It is in particular need of engineers, scientists, mathematicians and IT experts. Deputy Prime Minister for Social Policies Mrs Olga Golodets spoke about this in Paris Saturday at this year’s skilled jobs fair. It is the first time that Russia has taken part. Source: … Continue reading
Raising The Minimum Wage : NYT’s David Leonhardt on the Economic Impact (audio)
In his State of the Union address, President Obama called for Congress to raise the minimum wage. Weekend Edition Saturday host Scott Simon speaks with David Leonhardt, the Washington bureau chief of The New York Times, about the political prospects for such a plan. Click on the image to get to the podcast via The … Continue reading
Massachusetts / Sequestration / 60,000 jobs could be lost
Massachusetts will lose more than 60,000 jobs, much of it in the defense industry, and $127 million in federal research funding, harming a critical sector of the state economy, if Congress allows across-the-board spending cuts to go into effect in March, according to a report released Friday by Representative Edward Markey of Malden. The automatic … Continue reading
Wall St / Layoffs continue
Wall Street may seem like its old self again. Financial giants including Goldman Sachs Group Inc. raked in mega profits in 2012. Bonuses are expected to fatten more Wall Streeters’ pockets than last year. The Dow Jones industrial average has been flirting with an all-time high after topping 14,000 for the first time in half … Continue reading
Spain / Vodafone / 620 layoffs
Mobile phone operator Vodafone (VOD.L) said it had reached agreement with labor unions to lay off 620 workers at its recession-hit Spanish unit, adding to a list of job cuts in Spain’s hard-hit economy. Many companies in Spain, where the unemployment rate already stands at 26 percent, are laying off staff to cut costs. The … Continue reading
ArcelorMittal / Layoffs / No to Europe’s Political Pressure
Alarmed by the speed at which the steel industry is becoming a symbol of Europe’s economic decline, a top European Union official has called for the world’s biggest steel maker to postpone planned job cuts and factory closings. The company, ArcelorMittal, has said no. “Continuing to operate these plants would threaten the overall viability of … Continue reading
Health Care / An Economic Stabilizer
From a macroeconomic perspective, the health care sector has functioned for some time as the main economic locomotive pulling the economy along. In the last two decades, it has created more jobs on a net basis than any other sector. Oddly, not much is made of the job-creating ability of the health care sector in … Continue reading
UK / The ‘living standards crisis’
Britain faces a ‘living standards crisis’ as it was revealed that millions of families will never regain the losses they sustained during the financial crisis and recession. Average earnings have sunk to the level they were at 10 years ago as workers are squeezed by a toxic combination of pay freezes and hikes in the … Continue reading
Europe recession deepens: very bad news for everybody
The eurozone suffered its third consecutive quarter of decline at the end of 2012 as exports from leading economies Germany and France sank, deepening a regional recession that has driven unemployment to record highs. Gross domestic product in the 17-nation euro area fell by 0.6% in the fourth quarter, leaving the eurozone economy 0.5% smaller … Continue reading
US / There is no evidence that job losses were larger in states where businesses more worried about government regulation and taxes
What explains the sharp decline in U.S. employment from 2007 to 2009? Why has employment remained stubbornly low? Survey data from the National Federation of Independent Businesses show that the decline in state-level employment is strongly correlated with the increase in the percentage of businesses complaining about lack of demand. While business concerns about government … Continue reading
Fed / Aggressive easing needed says Yellen in an address to AFL-CIO
The Federal Reserve’s aggressive easing of monetary policy is warranted given the still-battered state of the U.S. labor market, Fed Vice Chairwoman Janet Yellen said on Monday. In an address to the politically influential AFL-CIO, the largest U.S. labor group, Yellen, a potential successor to Fed Chairman Ben Bernanke next year, bemoaned the unusually weak … Continue reading
UK / JP Morgan cuts nearly 200 jobs
The company told the BBC its staff will continue to work at its offices in Lydiard Fields for another year before its closure in the town. Swindon South MP Robert Buckland said he would be seeking more detail about the planned job losses. JP Morgan added that it was still working out what relocation packages … Continue reading
US / The moment of truth for the job market too
There’s a growing meme that the market and the economy are about to have a date with destiny. The thinking is this: Markets have surged all year like there’s not a care in the world. On the other hand, the economy has already been buffeted by one major headwind (the end of the payroll tax … Continue reading
Lego / To cut 380 jobs in Denmark
Lego, the Danish maker of colourful toy bricks, said Tuesday it would cut 380 jobs at its main plant in Denmark by 2015 as it moves its packaging activities abroad to slash costs. “For some employees it will be natural departures. Other employees will be able to acquire new skills and find other positions within … Continue reading
ThyssenKrupp / 2,000 layoffs at its European steel division
German heavy industry giant ThyssenKrupp unveiled plans on Friday to axe more than seven percent of the workforce at its Steel Europe division to make the business more competitive. ThyssenKrupp said in a statement it would axe “more than 2,000 jobs” out a total workforce of 27,600 at its Steel Europe division in a €500-million … Continue reading
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