Job Market Monitor
Unemployment
Unemployment in US – Who’s right, Wall Street or Brookings ?
Every month since the fall of 2012, the Brookings Institution has published a forecast for the path of the unemployment rate over the next six months. These forecasts are a familiar past-time for economists, but Brookings has a bold claim: their model “can outperform the Fed and professional forecasters.” This is a good time for … Continue reading
Recent Immigrants in Canada – 14 per cent of university-educated are unemployed, 3.3 per cent for Canadian-born university grads
Except today, the prospects for Canada’s most highly educated new Canadians is far more dismal. Unemployment levels for recent immigrants with university degrees hit their highest point since June, 2010 last month. According to data Statistics Canada crunched for Global News, 14 per cent of university-educated immigrants who’ve come to Canada in the last five years are … Continue reading
Italy – Youth unemployment rate (aged 15-24) was 43.7% in June
In June 2014 22.398 million persons were employed, +0.2% compared with May 2014. Unemployed were 3.153 million, -2.4% with respect to the previous month. Employment rate was 55.7%, +0.2 percentage points with respect to May 2014, unemployment rate was 12.3%, -0.3 percentage points over the previous month, and inactivity rate was 36.3%, unchanged over May. … Continue reading
Germany – Unemployment drops for first time in three months
German unemployment fell for the first time in three months in a sign that Europe’s largest economy is gathering pace after a second-quarter slowdown. The number of people out of work dropped a seasonally adjusted 12,000 to 2.9 million in July, the Nuremberg-based Federal Labor Agency said today. Economists forecast a decline of 5,000, according … Continue reading
Singapore – Unemployment rates in Q2 hold steady at 2.0 per cent
Overall unemployment rate in Singapore remained at 2.0 per cent, but total employment growth slowed in June, according to the Ministry of Manpower’s figures. Fewer workers were laid off from April to June, when compared to the previous three months. Preliminary estimates released by the Manpower Ministry’s Manpower Research and Statistics Department on Thursday (July … Continue reading
Ireland – Unemployment rate hits five-year low of 11.5%
The number of people signing on the Live Register fell again this month as conditions in the labour market continue to improve. The latest set of figures from the Central Statistics Office (CSO) showed the number of claimants on the register dropped by 3,400 in July, the 25th consecutive monthly drop. As a result, the … Continue reading
US – Evidence demonstrating a skills shortage is not found in wage data
To an economist, the most accessible and persuasive evidence demonstrating a skills shortage should be found in wage data. If employers urgently need workers with skills in short supply, we expect them to offer higher pay to prospective new employees who possess the skills. When workers with crucial skills are offered better wages by expanding … Continue reading
Unemployment in Europe in June – 11.5% for the Euro Area, 10.2% for the EU28 and 5.129 million young persons under 25
The euro area (EA18)* seasonally-adjusted unemployment rate was 11.5% in June 2014, down from 11.6% in May 20144, and from 12.0% in June 2013. This is the lowest rate recorded since September 2012. The EU28 unemployment rate was 10.2% in June 2014, down from 10.3% in May 2014, and from 10.9% in June 2013. This … Continue reading
Inflation and Unemployment in US – The flattening of the Phillips curve
I’m thinking about the rest of us, starting at the top—with the Fed—who are struggling to figure out the nature of the tradeoff as the Fed begins to contemplate unwinding. Given Chair Yellen’s (very appropriate) focus on job-market slack and thus her up-weighting of the full employment side of the mandate, there’s clearly some anxiety … Continue reading
South Africa – Unemployment at 25.5 in Q2 with our counting the 2,419,000 discouraged job seekers
The unemployment rate increased by 0.3 percent between the first and second quarters of this year to reach 25.5 percent, Statistics SA said yesterday. The increase in the number of unemployed has resulted in an increase in the unemployment rate above pre-recessionary levels. The Quarterly Labour Force Survey revealed that almost 5.2 million people were … Continue reading
Nigeria – People blame politics and unemployment for terrorism attacks
Asked, “In your opinion, what is the major cause of terrorism in Nigeria?” 26 percent said “Election/political interest” while 21 percent of respondents answered “unemployment”. Meanwhile 10 percent, 8 percent and 6 percent of individuals polled respectively said bad government/leadership, high level of poverty and corruption is the major cause of terrorism in the country. Chosen excerpts by … Continue reading
Japan – Unemployment rises to 3.7% while job offer at 22-year high
The jobless rate rose for the first time in almost a year in June, while the ratio of job offers to seekers hit a 22-year high, official data showed Tuesday. The unemployment rate edged up to 3.7 percent in June from 3.5 percent the month before, the internal affairs ministry said. It was the first … Continue reading
Canada – The Job Market is worse than it appears
Employment Rate for 25-54 Year Olds To control for demographic effects, we take out groups that are often still in school (24 years and younger) or can potentially enter early retirement (55 and up). There are other endpoints we can use, but limiting the discussion to 25-54 year olds is the most common approach. Under … Continue reading
US – Long-term unemployment might be falling for the good reason
in the past six months, unemployment has fallen much faster than expected, from 6.7 to 6.1 percent. And as you can see above, 88 percent of that has been due to declining long-term unemployment. Chosen excerpts by Job Market Monitor. Read the whole story at The long-term unemployed might finally be getting jobs – The Washington Post. … Continue reading
Spain – First time unemployment is below 25% in two years
The unemployment rate in Spain has fallen below 25% for the first time in two years, thanks to the beginning of a revival in the economy. An extra 402,000 people started work in the second quarter of the year, boosted by the seasonal upturn in tourism. That helped to push the official jobless rate down … Continue reading
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