Job Market Monitor
Layoffs
Monetary Policy and Labor Market – Employment response roughly twice as large when supply taken into account
“Policies to support labor supply are not the domain of the Fed: Our tools work principally on demand.” –Federal Reserve Chairman Jerome Powell, November 30, 2022 This paper offers new empirical evidence of a sizeable labor supply response to monetary policy. Using high-frequency identified monetary policy shocks from FOMC announcements and Fed Chair speeches, … Continue reading
COVID, Jobs and Recovery in US – Lockdown of 3 months is going to have long-lasting negative effects on unemployment research finds
In March 2020, the US entered a “lockdown” so as to prevent the spread of the novel coronavirus. The vast majority of residents of the United States have been ordered to stay at home. Most retail businesses have been ordered to shut down. Most workers have been ordered to stay away from their place of … Continue reading
COVID and Layoffs un US – 42 percent of recent layoffs will result in permanent job loss research finds
The COVID-19 pandemic and efforts to contain the virus are exacting a staggering economic toll in countries around the world. China’s economy shrank 6.8 percent in the first quarter of 2020 on a year-on-year basis, and Eurozone economies shrank at a 14.8 percent annualized rate. In the United States, nearly 28 million persons filed new … Continue reading
COVID and CFOs – More layoffs anticipated and more people will work remotely permanently
How are finance leaders navigating the unprecedented disruptions from coronavirus? An in-depth analysis of the biweekly results and key implications. Key findings Back-to-work playbooks reshape how jobs performed 49% say remote work is here to stay for some roles, as companies plan to alternate crews and reconfigure worksites. Protecting people top of mind 77% plan … Continue reading
COVID-19 in US – Over 37 million U.S. jobs may be vulnerable to potential layoffs in the short term
Almost 56% of US production and non-supervisory jobs (about 59.5 million jobs) offer weekly incomes below the $802 weighted average weekly income for all such jobs. Together, those low-quality jobs offer a weighted average of $539 in weekly income, or just over $28,000 per year. There is a subset of these workers, in jobs often … Continue reading
COVID-19 – Almost 25 million jobs could be lost worldwide as a result of COVID-19, says ILO
The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO). However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be … Continue reading
Nissan – To cut 12,500 jobs
Nissan will reduce at least 12,500 positions globally by March 2023 – its deepest job cuts since 2009 – and slash production capacity, mainly of compact cars at underutilised plants abroad. The move will shrink its product line-up by about 10%, Saikawa said, Nissan CEO Hiroto Saikawa attends a news conference to release first quarter … Continue reading
Layoffs in US Newspapers Since 2017 – At least 36% of the largest
Newspaper layoffs have far from abated in the past year, and digital-native news outlets are also suffering losses, according to a new Pew Research Center analysis. At least 36% of the largest newspapers across the United States – as well as at least 23% of the highest-traffic digital-native news outlets – experienced layoffs between January … Continue reading
Bombardier – To cut up to 2,200 jobs in Germany
Canada’s Bombardier will cut up to 2,200 jobs in Germany, or around a quarter of its workforce in the country, by 2020 as part of a sweeping savings plan, Bombardier Transportation’s supervisory board Chairman Wolfgang Toelsner said. There are no plans for plant closures, he told journalists at a news conference on Thursday. Bombardier said … Continue reading
Canada – Layoff rates vary across economic regions to a greater extent than hiring rates
Regardless of general economic conditions, a large volume of worker reallocation across employers takes place each year. For instance, even though the number of employees aged 18 to 64 remained virtually unchanged at 13.2 million from January 2009 to January 2010, 2.4 million individuals were hired in 2009 (Table 1). During that year, 0.9 million … Continue reading
Job Cuts in Banks – Another 30% could be lost
The downsizing of the bank workforce is about to accelerate as more technology takes over jobs humans used to do, according to a new Citigroup report. Another 30% of bank jobs could be lost between 2015 and 2025, mainly due to retail banking automation, Citi warned. “Fintech is forcing banking to a tipping point,” Citi … Continue reading
Canada’s petroleum industry – 40,000 jobs cut and more layoffs still to come
After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has already begun with Cenovus Energy Inc. and Murphy Oil Corp. announcing workforce reductions last week. Ongoing cuts by Suncor Energy Inc., Encana Corp. and others … Continue reading
China – Steelmaker to cut 50,000 jobs
The global crisis hammering the steel industry is beginning to be felt in China, where one of the country’s biggest producers has said it may let go 50,000 of its 80,000-strong workforce. Chosen excerpts by Job Market Monitor. Read the whole story at Chinese steelmaker readies 50,000 jobs cuts as industry crisis deepens
Bombardier – 7,000 jobs cut
Bombardier is implementing one of the deepest job cuts in its history by eliminating 7,000 positions — including more than a third in Canada — though it took pains Wednesday to instead train the public spotlight on a large CSeries plane order with Air Canada. The layoffs represent close to 10 per cent of Bombardier’s … Continue reading
Yahoo – 1,600 jobs to be cut
Yahoo Chief Executive Marissa Mayer is set to reveal cost-cutting plans that include slashing 15% of its workforce, or roughly 1,600 jobs, and closing several business units, the Wall Street Journal reported on Monday. Chosen excerpts by Job Market Monitor. Read the whole story at Yahoo Will Cut 15% of Its Workforce | Money.com
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