Job Market Monitor
Unemployment
Europe / Record Unemployment rate as Youth Unemployment rose by 188 000 in the euro area
The euro area (EA17) seasonally-adjusted unemployment rate was 12.2% in April 2013, up from 12.1% in March. The EU271 unemployment rate was 11.0%, unchanged compared with the previous month4. In both zones, rates have risen markedly compared with April 2012, when they were 11.2% and 10.3% respectively. These figures are published by Eurostat, the statistical … Continue reading
Ireland / The numbers unemployed has gone below 300,000 for the first time since 2010
Employment increased by 20,500 in the year to the first quarter of 2013, according to figures from the Central Statistics Office. This is a rise in employment of 1.1%. Employment increased by 7,700 in the first quarter of this year, following on from an increase of 12,100 in the final quarter of 2012. The numbers … Continue reading
Greece, Spain and Portugal / The Limits to the Unemployment Benefit Safety Net
Unemployment benefits are one of the safety nets available for people affected by the economic crisis in Greece, Spain and Portugal. This system — along with other social benefits such as pensions and increased remittance inflows from family members abroad, as well as aid from family members at home and, to some extent, informal economic activities — is somewhat … Continue reading
US / Estimates of the unemployment rate in December 2013 and December 2014
The following table is an estimate of the unemployment rate in December 2013 and December 2014 assuming the LFPR stays close to the current level of 63.3% (I looked at 63.0%, 63.3% and 63.6%). The current unemployment rate is 7.5%. Chosen excerpts by Job Market Monitor via Calculated Risk: Labor Force Participation Rate Sensitivity. Related … Continue reading
Spain / Only 22% of 16-24 year olds are unemployed writes Carmen González Enríquez, not 55%
A common notion circulating inside and outside Spain is that over half of young Spaniards (aged 16-24) are unemployed –a ‘fact’ which furthers the image of deep crisis in Spain. The world’s most prestigious media report on such youth unemployment with alarm, contributing to this new ‘Black Legend’ of Spanish failure. The truth, however, is … Continue reading
US / Unemployment Insurance / Claims drop back
SEASONALLY ADJUSTED DATA In the week ending May 18, the advance figure for seasonally adjusted initial claims was 340,000, a decrease of 23,000 from the previous week’s revised figure of 363,000. The 4-week moving average was 339,500, a decrease of 500 from the previous week’s revised average of 340,000. The advance seasonally adjusted insured unemployment … Continue reading
Bernanke / Fighting Unemployment Is A Better Cure Than Austerity
The Federal Reserve chairman, in testimony before the Joint Economic Committee of Congress on Wednesday, suggested that ending the nation’s long-term unemployment crisis would be a more effective way of shrinking government deficits and debt than the austerity cocktail funneled down our throats by Congress and the White House in recent years. “The loss of … Continue reading
US / The Unemployment Rate by Birthplace, 1994 to 2012
Since 1994, the unemployment rate for foreign-born workers has generally increased when the unemployment rate for native-born workers has increased and decreased when the rate for native-born workers has decreased. However, the unemployment rate for foreign-born workers has fluctuated more widely than the rate for native-born workers, and workers born in Mexico or Central America … Continue reading
Sweden / Unemployment Unchanged in April
Swedish unemployment stayed unchanged last month as companies have cut jobs to cope with a strengthening krona and faltering demand from the recession-burdened euro area. Seasonally adjusted unemployment was unchanged at 8.4 percent from the previous month, Stockholm-based Statistics Sweden said today. The rate was predicted to fall to 8.3 percent, according to the median … Continue reading
Finland / April unemployment at 8.8%
According to Statistics Finland, April unemployment stood at 8.8%. In March the figure was 9%. In April 2012, it was 8.4%. Figures from the Ministry of Employment and the Economy show that there were around 40,000 more unemployed job seekers in April than there were one year previously. The rate of unemployment among men last … Continue reading
US / Youth Unemployment Will Cost $18 Billion Over The Next Decade
America has a youth unemployment problem, and it’s not just the kids who are suffering. The nation is poised to lose $18 billion in wages over the next decade due to high youth unemployment, according to a Bloomberg Brief from Bloomberg Senior Economist Joseph Brusuelas. Brusuelas estimated that about 1.3 million 16- to 24-year-olds have … Continue reading
UI in US / Expanding the definition of misconduct
Traditionally, unemployment benefits can go to any laid-off employee not guilty of “misconduct.” By law, simple failure to meet production quotas, for example, cannot be deemed misconduct unless it represents a “willful and wanton” refusal. In the past two years, however, four states have rewritten their laws to vastly expand the definition of misconduct. In … Continue reading
The 70s / Did we need a terrible recession? asks Krugman
What we did have was a wage-price spiral: workers demanding large wage increases (those were the days when workers actually could make demands) because they expected lots of inflation, firms raising prices because of rising costs, all exacerbated by big oil shocks. It was mainly a case of self-fulfilling expectations, and the problem was to … Continue reading
Psychology / Job Layoffs
Redundancy — losing your job in a layoff — is difficult for most people. I’ve worked with many people who have been made redundant and struggled with the aftermath. On the whole, these individuals have been hard workers, intelligent, and loyal to their companies; when the hammer finally fell, they often went into an emotional … Continue reading
Spain / A crisis education reform
Spain’s government has approved an emergency reform of the crisis-hit education sector, hoping to reduce the number of school dropouts and curb the soaring youth unemployment rate. Deputy Prime Minister Soraya Saenz de Santamaria said the plan aimed to improve young people’s job prospects at a time when unemployment among those aged 16 to 24 has surpassed … Continue reading
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