Job Market Monitor
Unemployment
Update – UK – Employment has not been higher. How?
Tony Dolphin: If the UK is in Recession, How Come Employment is Increasing So Rapidly? The latest employment figures, published today, do little to resolve the conundrum over the UK’s unusual combination of strong employment growth and no economic growth. Over the last year, real GDP has fallen by 0.5%, while employment has increased by … Continue reading
Canada – Ratio of unemployment to job vacancies drops
Canadian businesses had 264,000 job vacancies in July, an increase of 32,000 from July 2011. For every job vacancy, there were 5.3 unemployed people, down from 6.0 in July 2011. The decline in this ratio of unemployment to job vacancies was mainly a result of the increase in job vacancies. The national job vacancy rate was 1.8% in the three-month period ending in July, up from 1.6% … Continue reading
S.C. Dept. of Employment – To Lay Off 136 Workers
The line at South Carolina’s unemployment agency might be getting longer — and there will be fewer workers there to help the unemployed find jobs. That’s because the S.C. Dept. of Employment and Workforce is set to lay off an estimated 136 workers over the next few months. “Like most other states throughout the country, … Continue reading
UK – Young black men have experienced sharpest unemployment rise since 2010
Young black men have experienced the sharpest rise in unemployment since the coalition came to power, with more than one in four of all black 16-24 year olds (26 per cent) currently out of work, according to a TUC report on youth unemployment published today (Wednesday). The TUC report, published to coincide with the TUC … Continue reading
UK – Employment has not been higher since records began in 1971 and unemployment falls to 2.53 million
The number of people out of work fell by 50,000 to 2.53 million in the three months to August, according to the Office for National Statistics ONS.Employment reached a record high of almost 30 million, while the unemployment rate fell to 7.9%. The ONS also said the number of people claiming Jobseekers Allowance fell by … Continue reading
Unemployment – Hurts more than just the Unemployed
High unemployment has negative spillovers for most of those still at work. In a labor market like ours, with low unionization rates, bargaining clout for many in the workforce is very much a function of the unemployment rate. Excess labor supply over labor demand typically puts downward pressure on both nominal and real wages. The … Continue reading
France : Fixing a broken social model
Taking as its starting point the programme and campaign of Nicolas Sarkozy in the presidential election of 2007 around the ‘value of work’, this article reviews and assesses the main reforms undertaken during the period of his presidency. It focuses on the reform of working time regulations through tax exoneration for overtime hours, minimum income … Continue reading
Norway – Jobless rate still high for immigrants
Norway’s strong oil-fueled economy has kept the country’s unemployment rate low for years, but it’s still high for immigrants, especially those from Africa, South America and parts of Asia. The opposition Conservative Party thinks employment rules should be eased to allow for more temporary work contracts, to help immigrants get a foot in the door. … Continue reading
US – Closing The Jobs Deficit
The latest data on employment in the United States confirm that the American economy continues to recover from the Great Recession of 2008-2009, despite the slowdown engulfing the other G-20 nations. Indeed, the pace of private-sector job growth has actually been much stronger during this recovery than during the recovery from the 2001 recession, and … Continue reading
Asia – Youth unemployment is a time bomb
Rising youth unemployment could endanger Asia’s social stability. Asia must come to grips soon with the growing number of unemployed young people or it risks increasing social problems or even violence, as witnessed in cities in Europe and throughout the Arab world, say labour specialists. “Seventy-five million youth, under the age of 24, across the … Continue reading
Labor Market Institutions – High unemployment rates have weakened the prime facie case for deregulation and less intervention
Labor Market Institutions: A Review of the Literature by Gordon Betcherman on worldbank.org looks at the findings of over 150 studies on the impacts of four types of labor market institutions: minimum wages, employment protection regulation, unions and collective bargaining, and mandated benefits. The review places particular emphasis on results from developing countries. Impacts studied are … Continue reading
Are robots stealing your job?
Robots, we’ve argued, are slowly taking over in the workplace. And there are plenty of anecdotal examples, such as these noodle-slicing beings from China. But sales figures also confirm that more robots are being sold than ever before. A new CLSA report entitled ‘Robot-buying boom’ crunches data provided by the International Federation of Robotics and … Continue reading
Monetary and fiscal policies will never suffice to reduce long-term unemployment
One of the main policies to reduce long-term unemployment is an active labor market policy. The OECD publishes each year data on Government investments in labor market programs like training and wage subsidies.
Gemany and the Scandinavian countries are champions of active labor market policies. This is well known. But, less known is the fact that the US are not. US investment in active labor market programs before the Great recession wasbelow the OECD average, nearly 4 times lower: 0.13% of GDP vs 0.48%.
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Fed will do whatever it takes to get hiring going
Fed up with the anemic pace of hiring, the Federal Reserve promised Thursday that it would do whatever it takes to reduce unemployment. The Fed stepped up its efforts to boost economic growth, opting for a … http://www.marketwatch.com/story/fed-will-do-whatever-it-takes-to-get-hiring-going-2012-09-13
OECD – Weak growth outlook is expected to push unemployment beyond today’s already high levels
The global economy is slowing, with key European countries entering a recession that is now having an impact worldwide, the OECD said in its latest Interim Economic Assessment. “Our forecast shows that the economic outlook has weakened significantly since last spring,” Mr Padoan said. “The slowdown will persist if leaders fail to address the main … Continue reading
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