Job Market Monitor
Unemployment
A campaign for Cindy… Unemployed And In Deep Depression /
Cindy* is one of the 30+ scholarship applicants we have received since launching Allies to the Out-of-Work. Being unemployed has thrown her in a deep depression that she can’t seem to shake. She isolates herself in order to avoid the dreaded questions about her tough situation. Harnessing the power of the micro-fundraising site, Indiegogo.com, we launched … Continue reading
US / It is a Long-Term Unemployment Crisis
The rate of short-term unemployment—six months or less—is almost back to normal. In January it was 4.9 percent of the labor force. That’s only 0.7 percentage point above its 2001-07 average. But the rate of long-term unemployment, 3 percent in January, is precisely triple its 2001-07 average, according to a Bloomberg Businessweek calculation based on Bureau of Labor … Continue reading
Europe’s lost generation / Youth unemployment exceeds 60 percent in Greece, is above 50 percent in Spain and tops 40 percent in Portugal
Children across Europe are being driven into poverty by harsh government austerity and youth unemployment is soaring, threatening to create “lost generations” that could fire up a new continental crisis. Global charity Caritas said on Thursday that around three out of every 10 children in Greece, Ireland, Portugal, Italy and Spain are in or have … Continue reading
Fed / Aggressive easing needed says Yellen in an address to AFL-CIO
The Federal Reserve’s aggressive easing of monetary policy is warranted given the still-battered state of the U.S. labor market, Fed Vice Chairwoman Janet Yellen said on Monday. In an address to the politically influential AFL-CIO, the largest U.S. labor group, Yellen, a potential successor to Fed Chairman Ben Bernanke next year, bemoaned the unusually weak … Continue reading
Jobless Americans in their 50s and 60s apply their talent and experience on toughest problems
The plight of jobless Americans in their 50s and 60s is well documented, and it deserves attention. But there’s a different, more optimistic story unfolding. A small army of baby boomers is hitting midlife eager to apply their talent and experience to solving some of our country’s — and the world’s — toughest problems, from … Continue reading
Canada / Employment decreased slightly and unemployment rate down 0.1 percentage points to 7.0% but …
Following two months of gains, employment decreased slightly in January (-22,000). A decline in the number of people looking for work pushed the unemployment rate down 0.1 percentage points to 7.0%. Chart 1 Employment Compared with 12 months earlier, employment increased by 1.6% or 286,000, all in full-time work. Over the same period, the total number of hours worked rose 1.7%. In January, employment declined … Continue reading
Solving youth unemployment – A winning essay
Max Kirby, who says there’s never been a better time to be young, has won £10,000 for penning his thoughts on ways to reduce unemployment. Here is his winning essay. One in five young adults in Britain is unemployed, more than twice the rate for the workforce as a whole. And (temporarily, I hope) I … Continue reading
Australia / Unemployment Rate Stays at 5.4%
Australia posted a seasonally adjusted unemployment rate of 5.4 percent in January, the Australian Bureau of Statistics said on Thursday. That was unchanged from the previous month, and it also beat forecasts for 5.5 percent. The Australian economy created 10,400 jobs in January – well ahead of forecasts for an increase of 6,000 jobs after … Continue reading
Unemployment benefit receipt is associated with longer reemployment duration study finds
Melike Wulfgramm and Lukas Fervers analyse the effect of unemployment insurance generosity and active labour market policy on reemployment stability in Europe in Unemployment and Subsequent Employment Stability: Does Labour Market Policy Matter? (Adapted quotes to follow) Faced with the challenge of high and persistent unemployment, European policy‐makers have been searching for labour market policies that promote quicker … Continue reading
US / Unemployment / The Economic Nightmare is not over
The broadest measure of unemployment/underemployment, which is the “SGS Alternate Unemployment Rate” published by Shadow Government Statistics, remained at 23.0% in January, its highest level ever. This measure was at 17.6% when Bush 43 left office. Also last month, America moved another 186,000 jobs away from full employment, to a total of 15.0 million. This … Continue reading
EU / Van Rompuy to propose youth employment initiative
Herman Van Rompuy, the president of the European Council, will propose a “youth employment initiative” worth several billion euros at a special summit on the European Union’s long-term budget later this week (7-8 February). “The budget must help us tackle the most urgent problems,” Van Rompuy wrote in a message published today (5 February). “Youth … Continue reading
US / Smart Deficit Reduction Matters
According to the Bureau of Labor Statistics, the economy added 157,000 jobs during the month of January and an average of 200,000 jobs in the prior three months. These new estimates of job gains now reflect the annual “benchmark” revision to the payroll survey, which showed that the level of employment in December last year … Continue reading
UK / Worst time for young people?
Rising wages and low house prices helped the baby boom generation to prosper. Today’s young face high unemployment, expensive education, and a lifetime of renting. Have they never had it so bad? Let’s take a typical 24-year-old everyperson. This person lives in Nottingham. There’s a one-bedroom flat they want but it costs £120,000. You need … Continue reading
US College / Unemployment Rate for Bachelor’s-Degree: 3.7 Percent
I like to make this chart of unemployment rates by education attainment every few months. And it’s been a few months, so: Here’s what this graph does not say. It doesn’t say that college is guaranteed to get you a job, especially right out of school. It also doesn’t say that college drop-outs are destined … Continue reading
Philippines / Creating ‘good jobs’: an ‘overwhelming challenge’ says World Bank
A World Bank official has called the huge number of unemployment and underemployment in the Philippines as a huge challenge for the Aquino administration. “The need for good jobs — jobs that raise real wages or bring people out of poverty — is an overwhelming challenge,” Motoo Konoshi, World Bank Country Director, speaking before hundreds … Continue reading
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