Job Market Monitor
United States
Chrysler Shifting Jobs to China – CEO Denies
The chief executive of U.S.-based automaker Chrysler says his company is not shifting production of Jeep vehicles to China. His comments follow a series of statements by Republican presidential candidate Mitt Romney’s campaign that appear to suggest otherwise. Chrysler CEO Sergio Marchionne said in an email to employees Tuesday that Jeep assembly lines will remain … Continue reading
US Presidential Election – Does unemployment matter ?
The economy may have become the single most important issue in modern-day politics. Since the day President Clinton uttered the words, “It’s the economy stupid,” the economy seems to have taken center stage as it pertains to election results. Moreover, for a variety of reasons, I’ve found an interesting dynamic emerging in recent years. Because … Continue reading
US – Gallup – Unemployment (sa) at 7.7% in Mid-October
U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October, down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010. Gallup’s seasonally adjusted unemployment rate is 7.7%, also down from September. October’s adjusted mid-month measure is also more than … Continue reading
Indiana CoC – Targeting Middle Skills Gap
The Indiana Chamber of Commerce has launched a website to help bridge the so-called “middle skills” gap. Vice President of Education and Workforce Development Derek Redelman tells Inside INdiana Business he regularly hears from companies seeking employees to fill openings requiring more than a high school diploma, but less than a four-year college degree and … Continue reading
US – Job Growth During the Recovery
“Congress in recent years passed a number of bills intended in part to jump-start a recovery in the labor market from the recession that began in December 2007” writes Linda Levine in Job Growth During the Recovery (Adapted excerpts by JMM to follow). What was the labor market’s response to these measures ? How well the … Continue reading
Newell Rubbermaid – Over 1,900 jobs to be cut
Newell Rubbermaid plans to cut more than 1,900 jobs, or about 10 per cent of its worldwide workforce, over the next two and a half years. The consumer products company, known for Sharpie pens and its namesake containers, said Friday that all savings from the job cuts will be reinvested into growing its brands globally … Continue reading
Public sector jobs crowding out private jobs – Sheer mystical gobbledygook writes Krugman
Both Dean Baker and Josh Bivens weigh in Robert Samuelson’s outburst at the New York Times for saying that the government can too create jobs. (He went so far as to call it “flat-earth” thinking). Sadly, Samuelson’s attitude is widely shared — even, at least rhetorically, by Barack Obama. So let me not focus on … Continue reading
Will the jobless claims drop be followed by the unemployment rate ?
Applications have fluctuated between 360,000 and 390,000 since January. At the same time, employers have added an average of nearly 150,000 jobs a month. That’s barely enough to lower the unemployment rate, which has declined from 8.3 percent to 7.8 percent this year. Robert Kavcic, an economist at BMO Capital Markets, said jobless claims have struggled to fall … Continue reading
Great Recession – Only half of eligible unemployed Americans collected unemployment benefits
Only half of eligible unemployed Americans during the most recent recession actually collected unemployment benefits, according to a new analysis by the Federal Reserve Bank of St. Louis. And over the past 22 years, only one-third of those eligible for jobless benefits collected them on average. If everyone that qualified for unemployment benefits in 2009 … Continue reading
Highly Educated – The Biggest Debt Problems
A new study finds that highly educated Americans were most likely to take on unmanageable debt in the pre-crisis years. What’s more, gross personal financial mismanagement occurred across the population and not just in the mortgage market and not just among the unsophisticated. The study draws a line at the point where monthly payment on household debt equals 40% … Continue reading
Wisconsin – Backlog stalls unemployment benefit checks
More than 9,000 Wisconsin residents have not received any unemployment benefits for several weeks because of a backlog at the state Department of Workforce Development. The department’s backlog consists of 9,357 claims dating to late July. It could take as long as March to clear it up because each claim has to be reviewed and … Continue reading
Federal Reserve – US unemployment “remains elevated”
The Federal Reserve has reiterated that the US economy is only growing slowly, and that the country’s unemployment rate “remains elevated”. Yet it added that the housing market had “shown some further signs of improvement”. The comments came as the US central bank kept interest rates on hold at between zero and 0.25%, as had … Continue reading
Reverse Brain Drain – IT – India / US: Over half of Indian IT professionals returning
“Early April, Corp-Corp conducted a survey among Indian IT professionals. More than 1000 professionals responded to this survey. The results show more than half of the Indian IT professionals are planning to return to India.” writes corp-corp.com on its Blog. Survey Highlights (adapted excerpts) 50.1% of the people said that they will be returning to … Continue reading
US – New home sales to near 2-1/2 year high
New single-family home sales surged in September to their highest level in nearly 2-1/2 years, further evidence the housing market recovery is gaining steam. The Commerce Department said on Wednesday sales increased 5.7 percent to a seasonally adjusted 389,000-unit annual rate – the highest level since April 2010, when sales were boosted by a tax … Continue reading
Skills Gap – Middle-skill Workers – New England: The Boston Fed calls for Ensuring an Adequate Supply
“The supply of middle-skill workers will be constrained in the future” write Julia Dennett and Alicia Sasser Modestino in The Middle-Skills Gap: Ensuring an Adequate Supply of Skilled Labor in Northern and Southern New England, published by New England Public Policy Center at the Federal Reserve Bank of Boston on bostonfed.org. Choosen excerpts by JMM … Continue reading
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