Job Market Monitor
Unemployment
The employment situation continues to deteriorate says OECD
Global economic activity is picking up, but the continuing crisis in the euro area is delaying a meaningful recovery, the OECD said in its latest Interim Economic Assessment. The Assessment, presented in Paris by Chief Economist Pier Carlo Padoan, says that the G7 economies are expected to grow at an annualised 2.4 per cent rate … Continue reading
Canada / Employment-Insurance: The Thought of the Day
Unemployment insurance is meant to meet the labour market cyclical economic needs, the needs related to job search, the in-between. It is not supposed to be the mean to support income of the ‘chronically’ or repeatedly unemployed in an economically depressed area. Employment development cannot be achieved with income support. Michel Cournoyer Job Market Monitor‘s … Continue reading
Greece / Long-term unemployment soars: More than six out of every 10 jobless people have been out of work for over a year
More than six out of every 10 jobless people in Greece have been out of work for over a year, according to Hellenic Statistical Authority (ELSTAT) data published on Thursday. Fourth-quarter figures for 2012 put the unemployment rate at 26 percent, from 24.8 percent in the previous quarter and 20.7 percent a year earlier. The … Continue reading
Algeria / Thousands protest against unemployment
Thousands of protesters have rallied in central Algeria over a lack of jobs and corruption by government officials, local media has reported. Nearly 10,000 people gathered in the central square of the desert town of Ouargla on Thursday, chanting “the people want the downfall of corruption” and anti-government slogans. The demonstrators claim the government is … Continue reading
South Africa / Massive crowd for 900 cleaning jobs
The plight of the unemployed in the city and around the country was highlighted yesterday when hundreds of job hunters flocked to the City Hall in the hope of landing one of 900 cleaning jobs. Since the beginning of the week, people have been queuing at the office of a private cleaning company in Paul … Continue reading
US / Unemployment Benefits / Temporary programs have significantly expanded the benefits
Benefits provided through the unemployment insurance system—a partnership between the federal government and state governments—tend to fluctuate automatically with the unemployment rate. In addition, in times of high unemployment, federal lawmakers often supplement regular and extended unemployment benefits with temporary programs. Since 2008, during and after the most recent recession, temporary programs have significantly expanded … Continue reading
Australia / Most jobs added in almost 13 years
Australian monthly jobs growth hit a near 13-year high in February, an “extraordinary” result that helped keep the unemployment rate steady and eased pressure on the central bank to cut rates. The Australian Bureau of Statistics said 71,500 jobs were created last month, smashing forecasts for a rise of 10,000 and the biggest jump since … Continue reading
New Mexico / Work-sharing, an alternative to layoffs
Instead of cutting jobs, a House bill aims to give companies the option of cutting hours instead. A proposal by Rep. Georgene Louis, D-Albuquerque, that passed the House Tuesday aims to create a “work-sharing” program in New Mexico. Under the bill, companies would have the option of agreeing with the state to trim the hours … Continue reading
US / Fed shifts focus from inflation to jobs
The focus on jobs represents a historic shift for the central bank that began with the 2008 financial crisis and has intensified in the face of four years of middling economic growth. But how much influence the central bank wields over unemployment remains an open question: It cannot direct businesses to hire or inspire entrepreneurs … Continue reading
US / Long-Term Unemployment Is Still High
Jobs! The economy added 236,000 of them in February, which is good. And, as my colleague Derek Thompson points out, it added more construction jobs than at any time since March of 2007, which is even better. After all, housing is what makes recoveries go boom. But let’s be honest. Even with our nascent housing … Continue reading
Canada / Job gains: thanks to older workers
Sometimes age and experience can pay off. In Canada, as in many other countries, an aging population can face financial uncertainty as it heads toward retirement. But for now, older workers are in big demand in the workplace. Canada’s see-sawing labour force swung back into job-creation mode in February, with a net 50,700 people finding … Continue reading
US / unemployment rate for the 2011 cohort of recent college graduates was 12.6 percent
Every year, thousands of recent graduates of colleges and universities across the United States enter the labor force with newly minted degrees and high hopes about their employment prospects.1 In October 2011, 74.5 percent of the 1.3 million 2011 recent college graduates were employed, according to data from the Current Population Survey (CPS). The unemployment … Continue reading
US / Nonfarm payrolls surged 236,000 jobs and jobless rate fell to 7.7 percent
U.S. employers stepped up hiring in February, pushing the unemployment rate to a four year-low and suggesting the economy has enough momentum to withstand the blow from higher taxes and deep government spending cuts. Nonfarm payrolls surged 236,000 jobs last month, the Labor Department said on Friday, handily beating economists’ expectations for a gain of … Continue reading
Canada / Employment rose by 51,000 and unemployment rate remained at 7.0%
Employment rose by 51,000 in February, following a slight decline the previous month. This increase was spread between full- and part-time work. The unemployment rate remained at 7.0% as more people participated in the labour force. Chart 1 Employment Compared with 12 months earlier, employment grew by 1.9% or 336,000, predominantly in full-time work. Over the same period, the total number of hours … Continue reading
The housing Traps / Housing benefit creates an unemployment trap
If we’re to move away from using housing benefit to prop up a dysfunctional housing market, we desperately need to think much more carefully about rent levels and wages, writes Rebecca Tunstall. Housing benefit is preventing poverty and homelessness, but propping up a dysfunctional system and hindering work incentives. We need lower housing costs to … Continue reading
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