Job Market Monitor
Unemployment
US – Reducing unemployment
The U.S. labor market is still a long way from healed. The unemployment rate of 6.1 percent, down from 10 percent in 2009, is misleading: Long-term unemployment accounts for a much bigger share of the total than usual. Millions who would like full-time jobs are having to work part time. And millions more have given up … Continue reading
Unemployment Under 4% in US – Five States have it
With the exception of Vermont, which had an unemployment rate of 3.5% in June, the states with extraordinary jobless figures are in the Great Plains, where an energy boom has helped the economy. Shale-rich North Dakota had a jobless rate of a mere 2.7% in June. Following it were Nebraska at 3.5%, Utah at 3.5% … Continue reading
China – Unemployment and labour shortage co-exist
Why do labour shortage and high unemployment co-exist in China? I analysed this in my book. More specifically, I explored the matching efficiency in the labour market by estimating the matching function between job offers and job seekers in urban labour markets in China based on search and matching theory. Figure 3 shows the values … Continue reading
2007-08 Bachelor’s Degree Recipients In US – 7 percent were unemployed and 8 percent were out of the labor force
The report Baccalaureate and Beyond:A First Look at the Employment Experiences and Lives of College Graduates, 4 Years On published by the National Center for Education Statistics, the Institute of Education Sciences and the U.S. Department of Education presents initial findings about the employment outcomes of bachelor’s degree recipients approximately 4 years after they completed their … Continue reading
UK – To the record rate of employment set in 2005 says rime Minister David Cameron
Prime Minister David Cameron said this was now equal to the record rate of employment set in 2005. “Today’s figures show more people have the security of a job than ever before. Full employment is a key aim of our long-term economic plan,” he said. via BBC News – UK unemployment falls to six year … Continue reading
US – Federal Reserve has reduced unemployment by 0.13%
A paper written by two staff members of the Federal Reserve Bank of Atlanta tried to quantify what all the Fed’s new money creation and related measures have accomplished. They conclude that unemployment today would be 0.13% higher without the radical measures and 1.0% higher if nothing at all had been done. Chosen excerpts by … Continue reading
Svalbard, Norway – Unemployment is illegal
As governor of Norway’s northernmost territory, Odd Olsen Ingero commands a police force with just six officers and a single detention cell for an area twice the size of New Jersey. Even that is overkill: Nobody has been locked up here in the capital of Svalbard since last summer. And that was for just two … Continue reading
Unemployment rate in Australia – Back to 10-year high
AUSTRALIA’S unemployment rate has bounced back to six per cent, with some economists flagging it could climb higher. THE unemployment rate rose in June from a revised 5.9 per cent for May, largely because of an increase in the number of people looking for work. The jobless rate is now back where it was at … Continue reading
Canada – Employment was little changed in June, unemployment rate at 7.1%
Employment was little changed in June and the unemployment rate rose by 0.1 percentage points to 7.1% as more people were searching for work. Compared with 12 months earlier, employment increased by 72,000 or 0.4%. This was the lowest year-over-year growth rate since February 2010, when year-over-year employment growth resumed following the 2008-2009 labour market downturn. Chart 1 Employment Chart 2 Unemployment rate via The Daily — Labour Force Survey, June 2014.
US – 40% of unemployed workers are millennials
The jobs market is improving, according to government data released Thursday, but millennials are still left out in the cold. They’re suffering more than any other age group, new research finds. Some 40% of unemployed workers are millennials, according to an analysis of U.S. Census data by the Georgetown University Center on Education and the … Continue reading
(Update) June US Job Report – Full-time employment down 523 000 while part-time up by 800 000
As reported yesterday, total nonfarm payroll employment increased by 288,000 in June in US. But the household survey indicates that full-time employment is down 523 000 while part-time up by 800 000. Type of work May 2014 June 2014 Change Full-time workers 118,727 118,204 -0,523 Part-time workers 27,219 28,018 0,799 Source: Table A-9. Selected employment indicators … Continue reading
June US Job Report – Total nonfarm payroll employment increased by 288,000 and unemployment rate declined to 6.1 percent, the lowest since September 2008
Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, led by employment growth in professional and businessservices, retail trade, food services and drinking places, and health care. Household Survey Data In June, the unemployment rate … Continue reading
Youth in US – 5.8 million young people are neither in school nor working
It makes some sense that young people might work less than their older counterparts. They are figuring out their lives, going in and out of school and making more short-term plans. But a whopping 5.8 million young people are neither in school nor working. It is “a completely different situation than weve seen in the … Continue reading
Europe – Unemployment rate stable at 11.6% in May 2014, counting 5.187 million young unemployed
The euro area (EA18) seasonally-adjusted unemployment rate was 11.6% in May 2014, stable compared with April 2014, but down from 12.0% in May 2013. The EU28 unemployment rate was 10.3% in May 2014, down from 10.4% in April 2014, and from 10.9% in May 2013. These figures are published by Eurostat, the statistical office of … Continue reading
Mismatches in US – Something happened in 2008
Something happened in 2008: the Beveridge Curve shifted to the right and stayed that way. That means employers aren’t hiring as many unemployed people as they should be, according to a pre-2008 view of the world. It is also one of the reasons the economy feels like it is still bad, even though the recession … Continue reading
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