Job Market Monitor
Unemployment
Youth Unemployment | More severe in countries in which vocational preparation takes place in full-time schools
“Young graduates and early school leavers entering the labour market are a population at risk. They are exposed to above-average turnover rates between different jobs and face an increased risk of unemployment. “ write Marc Piopiunik and Paul Ryan in Improving the transition between education/training and the labour market: What can we learn from various … Continue reading
US | Fiscal Cliff | 2 million jobless Americans could lose UI
Congress last lengthened the deadline to file for benefits in February, but lawmakers also restructured the program at the time. The maximum number of weeks the jobless can collect unemployment benefits was reduced to 73 weeks. And in all states save New York, the jobless are no longer eligible for a separate federal extended benefits … Continue reading
EU | Invest for a job-rich recovery in Europe says László Andor European Commissioner responsible for Employment
The macro-economic situation in Europe continues to be extremely challenging. A number of Member States are in a double-dip recession and labour markets are in a crisis not seen in the EU for at least two decades. What is more, the outlook is not getting better. The European Commission’s Autumn forecast, presented on Wednesday, projects … Continue reading
US | Job Gap is 9 million
The labor market has added nearly 5 million jobs since the post-Great Recession low in Feb. 2010. Because of the historic job loss of the Great Recession, however, the labor market still has 3.8 million fewer jobs than it had before the recession began in Dec. 2007. Furthermore, because the potential labor force grows as … Continue reading
Obama’s second term | 3 priorities: Jobs, jobs, jobs
It’s still about jobs. What will determine the core success of President Barack Obama’s second term is progress – or the lack thereof – in reducing long-term unemployment. We know this from exit polls, which ranked the economy as the top issue (selected by about 60 percent of voters) and, more important, from common sense. … Continue reading
US | CBO | Unemployment lower in the next few years if the fiscal cliff removed
Substantial changes to tax and spending policies are scheduled to take effect in January 2013, significantly reducing the federal budget deficit. According to CBO’s projections, if all of that fiscal tightening occurs, real (inflation-adjusted) gross domestic product (GDP) will drop by 0.5 percent in 2013 (as measured by the change from the fourth quarter of … Continue reading
Greece | Unemployment hits a new record at 25.4 pc, youth hits 58pc
Greece’s jobless rate rose for a 39th consecutive month to a new record of 25.4 percent in August, more than double the euro zone average, Greece’s statistics service ELSTAT said on Thursday. A crippling, austerity-fuelled recession continued to take its toll on the labor market, putting Greek unemployment at more than double the euro zone … Continue reading
US | Jobless claims | A Drop, But Thx to Sandy
Unemployment Insurance Weekly Claims Report SEASONALLY ADJUSTED DATA In the week ending November 3, the advance figure for seasonally adjusted initial claims was 355,000, a decrease of 8,000 from the previous week’s unrevised figure of 363,000. The 4-week moving average was 370,500, an increase of 3,250 from the previous week’s unrevised average of 367,250. The … Continue reading
Australia | More jobs but participation shrinks
Australia’s unemployment rate remained steady in October, but there were fewer people looking for jobs and fewer hours being worked. Official figures released on Thursday showed the unemployment rate remained at 5.4 per cent in October, with 10,700 extra people finding employment in the month. However, the percentage of working age Australians either employed or … Continue reading
Africa | Agriculture and self-employment for youth unemployed
Unemployment among young people in Africa is increasingly recognised as a first order development challenge. Coming on the heels of sustained investment in education and unprecedented but largely jobless economic growth, the possibility of a ‘lost generation’ of young people, for whom meaningful and rewarding work is little more than a mirage, poses a fundamental … Continue reading
New Zealand | Unemployment the highest in 13 years
Latest figures show more and more New Zealanders are out of work, with unemployment the highest in 13 years. Experts are calling it “shocking” while unions say it’s a “national crisis”. And the unemployment rate of 7.3% even took the Prime Minister by surprise although he has questioned if his own statisticians have got it … Continue reading
Long-term unemployment has received insufficient attention during this presidential campaign – Becker and Posner
The most disturbing aspect of the high unemployment rate during the past 4 years has been, namely, the large number of the unemployed who have been out of work for at least 6 months. Last month 5 million men and women had been unemployed for at least 6 months, and they comprise about 40% of … Continue reading
US – Suicide Rate Rose During The Great Recession
The rate of suicide in the United States rose sharply during the first few years since the start of the recession, a new analysis has found. In the report, which appeared Sunday on the Web site of The Lancet, a medical journal, researchers found that the rate between 2008 and 2010 increased four times faster … Continue reading
Youth Unemployment – US vs Europe
The latest unemployment statistics released this week on both sides of the Atlantic show that the number of jobless is continuing to rise in Europe far above the rate in the U.S., and the picture is especially bleak for young Europeans under the age of 25. In the 27 E.U. nations as a whole, the youth unemployment … Continue reading
America’s jobs nightmare – A UK view
There is an intriguing contrast between the US and UK economies. British GDP remains substantially smaller than it was at its peak but employment has bounced back, helped by lower real wages and a growth in part-time jobs. The US economy has more than caught up all of its lost output and is now bigger … Continue reading
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