Job Market Monitor
Unemployment
UK / The unemployment rate unchanged, 65 and over in employment has reached 1 million for the first time
The employment rate for those aged from 16 to 64 for February to April 2013 was 71.5%, down 0.1 percentage points from November 2012 to January 2013. There were 29.76 million people in employment aged 16 and over, up 24,000 from November 2012 to January 2013. The unemployment rate for February to April 2013 was … Continue reading
Europe / Framework of Actions on Youth Employment presented
At a press conference, on 11 June 2013, ETUC, BUSINESSEUROPE, UEAPME and CEEP presented their Framework of Actions on Youth Employment, resulting from social dialogue negotiations. With youth unemployment rates currently at 24.4% in the euro area and 23.5% in the EU27, urgent and determined action is needed. Europe cannot afford such a waste of … Continue reading
Philippines / Unemployment rate increases to a three-year high
The Philippines’ jobless rate soared to a three-year high in April even though the nation has the fastest-growing economy in Asia, official data showed Tuesday. The Philippines’ jobless rate soared to a three-year high in April even though the nation has the fastest-growing economy in Asia, official data showed Tuesday. President Benigno Aquino insisted the … Continue reading
Canada / The Youth Unemployment Gap mainly due to higher unemployment inflows
In 2012, the unemployment rate of youths aged 15 to 24 was 14.3%, compared with a rate of 6.0% for core-age adults aged 25 to 54. A significant gap between the unemployment rates of youths and adults have been observed every year since 1977. Most of the gap between the unemployment rates of youths and adults is the result of higher unemployment inflows among youths. In 2012, 2.6% … Continue reading
Spain / Economics Nobel Laureates advise to address unemployment before reducing debt
El Economista writes that Economics Nobel laureates Eric Maskin, Finn Erling Kydland and Christopher Pissarides argue that Spain should abandon the focus on deficit reduction and concentrate instead on reducing unemployment. Maskin said the priority should be to put people back to work rather than obsessing over debt; Pissarides said that the necessary structural reforms … Continue reading
US / Unemployment rate “was essentially unchanged” at 7.6 percent says BLS
Total nonfarm payroll employment increased by 175,000 in May, and the unemployment rate was essentially unchanged at 7.6 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in professional and business services, food services and drinking places, and retail trade. (JMM: The UR was 7.5 percent last month) Household Survey Data Both the number of unemployed persons, … Continue reading
US / Employment growth above about 80,000 jobs per month would put downward pressure on the unemployment rate finds research
Daniel Aaronson and Scott Brave « estimate that, currently, employment growth above about 80,000 jobs per month would put downward pressure on the unemployment rate » in Estimating the trend in employment growth on Chicago Fed Letter. (Adapted Chosen excerpts by Job Market Monitor to follow) Likewise, anything short of this benchmark would push the unemployment rate up. … Continue reading
US / Weekly Jobless Claims fall. Better check tomorrow what is going on
SEASONALLY ADJUSTED DATA In the week ending June 1, the advance figure for seasonally adjusted initial claims was 346,000, a decrease of 11,000 from the previous week’s revised figure of 357,000. The 4-week moving average was 352,500, an increase of 4,500 from the previous week’s revised average of 348,000. Chosen excerpts by Job Market Monitor … Continue reading
Ireland / Unemployment rate steady at 13.7 percent
Ireland’s unemployment rate was 13.7 percent in May, unchanged from April’s downwardly revised figure, while the number of people claiming jobless benefit inched lower, data from the Central Statistics Office showed on Thursday. Unemployment benefit claimants fell 700 to a seasonally adjusted 426,100 last month. The unemployment rate in April was revised down to 13.7 … Continue reading
Greece / Unemployment rate rise to 26.8 percent, youth hardest hit
Greece’s jobless rate rose again in March, reflecting the pain of a crippling recession after years of austerity under the country’s international bailout. Record joblessness is a major angst for Greece’s coalition government as it scrambles to hit fiscal targets and show there is light at the end of the tunnel after years of unpopular … Continue reading
US / The unemployment problem: bigger than NYC and LA combined – Economy
12 million unemployed The job market has been healing for more than three years now, but the jobs crisis is still truly a crisis. The staggering statistics get repeated so often they can become numbingly abstract. About 12 million Americans still remain unemployed, but who can wrap their head around that number? Try wiping both … Continue reading
France / Unemployment rate hits 14-year high
France’s unemployment rate hit a 14-year high in the first quarter of 2013, casting fresh doubt on President Francois Hollande’s goal of reversing the rising jobless trend by year-end. The jobless rate of 10.8 percent, published by the INSEE statistics agency on Thursday, was the highest on record since the first quarter of 1999. The … Continue reading
Spain / The good economic news: unemployment drops
The Spanish government said Tuesday that an unexpected drop in unemployment in May was one of the best pieces of economic news since the start of the crisis, but the data showed that temporary hires accounted for much of it. The number of people registered as unemployed declined by almost 2 percent, or 98,265 people, … Continue reading
Employment rates exceed pre-crisis levels in 30 per cent of the countries, have increased in 37 per cent and have continued to decline in the remaining 33 per cent finds ILO in World of Work report 2013
According to the World of Work report 2013 “Repairing the economic and social fabric”, income inequalities rose between 2010 and 2011 in 14 of the 26 advanced economies surveyed, including France, Denmark, Spain and the United States. Inequality levels in seven of the remaining 12 countries were still higher than before the start of the … Continue reading
Fed / Need to let inflation rise to bring down unemployment faster
The Federal Reserve may need to let inflation run a little higher than its 2-percent target in order to bring down unemployment faster, a top Fed official said on Saturday. Strictly capping inflation at 2 percent while allowing high unemployment to linger would be an “inappropriate” approach to monetary policy, Minneapolis Federal Reserve Bank President … Continue reading
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