Job Market Monitor
Unemployment
US / The problem is the duration of unemployment benefits, not the duration of unemployment writes Alex Brill
For many who have been jobless for over six months, finding employment is difficult if not impossible. According to economists Rand Gayad and William Dickens, employers become less and less likely to hire people who are unemployed for six months or more. In short, the extravagant duration of unemployment benefits in the last five years … Continue reading
Egypt / The worst economic crisis since 1930s
Former finance minister and economist say Egypt is in dire predicament as foreign investment and tourism collapse Egypt is suffering its worst economic crisis since the Great Depression, a former finance minister of the country and one of its leading economists have warned. In terms of its devastating effect on Egypt’s poorest, the country’s current … Continue reading
Korea / Only 43 per cent of Laid-Off Workers Find New Jobs
Up to 1.13 million workers in Korea are laid off every year, but only 43 percent of them manage to find a new job within 12 months, according to an OECD report released early this month. The report, entitled “Back to Work: the OECD review on displaced workers,” says 2.5 percent to 5 percent of … Continue reading
UK / Unemployment starts to rise again
Unemployment jumped and average wage rises dropped to their lowest rate on record in the three months to March, underlining concerns at the slow pace of the UK’s recovery. There was an increase in unemployment of 15,000 in the first quarter of the year while during the same period regular pay rose by just 0.8%. … Continue reading
Ireland / Under-45s more hit by recession finds ESRI
Those aged under 45 have been affected “dramatically” more by the property crash and recession than those 45 and over, according to a new research paper published yesterday by the Economic and Social Research Institute, a Dublin-based think tank. When comparing a range of indicators over the half-decade to 2009/2010, the report described the contrast … Continue reading
US / Job openings and unemployment are both worsening
When an economy is humming, there are lots of job openings and low unemployment. When the economy is malfunctioning, there are few openings and unemployment is high. The regular relationship between job openings and unemployment is called the Beveridge Curve. If the curve shifts outward it means that a given level of job openings is associated … Continue reading
US / The unemployment rate is understating the “true” amount of under-employment
The Fed/IMF/GS economists argue that the unemployment rate is now substantially understating the “true” amount of under-employment in the economy because the labour force participation rate has fallen as a direct consequence of the depth and longevity of the recession. They show that, while this effect does not apply during a normal recession, workers have … Continue reading
US Unemployment vs Germany: Not due to GDP Growth
Growth in Germany and the United States have been virtually identical since the beginning of the downturn. While Germany has a large balance of trade surplus, in contrast to the deficit in the United States, its consumption growth has been weaker. Chosen excerpts by Job Market Monitor via Low Unemployment in Germany: The Story Is … Continue reading
Canada / Employment was little changed – the unemployment rate remained at 7.2%.
Following a decline the previous month, employment was little changed in April and the unemployment rate remained at 7.2%. Compared with 12 months earlier, employment increased 0.9% or 163,000, all in full time. The total number of hours worked rose by 1.5% over the same period. Chart 1 Employment Provincially, employment grew in Alberta, while it fell in Manitoba, New Brunswick and Newfoundland … Continue reading
Australia / 50,100 jobs added unemployment down
The unemployment rate has confounded most economists by falling from 5.6 to 5.5 per cent. The Bureau of Statistics labour force survey estimates that 50,100 jobs were added in April, with 34,500 full-time positions and 15,600 part-time jobs created. Economist forecasts in a survey by Bloomberg centred on only 11,000 jobs being created which was … Continue reading
Greece / Youth unemployment over 64 per cent
Greece’s jobless rate rose to 27 percent in February from a downwardly revised 26.7 percent in January, the country’s statistics service ELSTAT said on Thursday. It was the highest reading since the statistics service began publishing jobless data in 2006 and more than twice the euro zone’s average reading of 12.1 percent in March, reflecting … Continue reading
New Zealand / Unemployment Rate drops at 6.2 per cent
The job market stormed ahead in the March quarter, with unemployment tumbling to 6.2 per cent in the March quarter, compared with a revised 6.8 per cent in the December quarter. In a rebound from bad figures in the December quarter, there were 38,000 more people employed this quarter – up 1.7 per cent, Statistics … Continue reading
The Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’
the Federal Reserve Act calls for ‘maximum employment’, not ‘minimum unemployment’. This distinction did not matter much in the past, but it is becoming increasingly important. The ‘participation gap’ remains as big a drag on growth as ‘unemployment’ and we, like Goldman, would expect the Fed to ‘change’ its target for their outcome-based guidance (to … Continue reading
When Will The Unemployment Rate end the Fed’s Easing Measures ?
The Federal Reserve’s is expected to extend its easing measures until the job market improves “substantially”, the stated goal is a decline of the unemployment rate to 6.5%. One can use the unemployment rate model to provide an estimate of the future unemployment rate (UER). This model suggests that the unemployment rate will decline to … Continue reading
Spain’s Red Cross / 26% of those helped can’t afford protein three times a week
Unlike the Spanish growth trajectory, the rise in Spanish unemployment since 2008 has been incredibly consistent. Each new statistical release bears the terrible news that more Spaniards have joined the ranks of the unemployed. The problem is compounded by the fact that Spanish businesses are closing their doors at a record pace. In the … Continue reading
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