Job Market Monitor
United States
In The News | Baby Boomers and the Unemployment Rate , Skills Gap, EI Changes, Layoffs, Older Workers and Plastic Surgery for a Job and More
Jobs: The number of baby boomers retiring is holding down the unemployment rate – UPI.com upi.com – President Obama can thank baby boomers at least in part for the drop in the U.S. unemployment rate, with the first post-World War II generation hitting retirement age at a rate of 10,000 a day. Une… JobMarketMon Macau labor … Continue reading
In The News | Veterans , Inequalities, Youth, China Middle Class, Layoffs, EI Changes, Grads and More
More Companies Hiring Veterans | fox4kc.com – Kansas City news & weather from WDAF TV – FOX 4 fox4kc.com – NEAR PHILADELPHIA, Pa. — A company in Pennsylvania is on a mission to hire Veterans. A construction equipment company called Modern Group wants to hire men and women who have served in the U.S. ar… Inequality … Continue reading
Gallup | U.S. Unemployment Down by 0.1% in Mid-May due to decline in participation rate
U.S. unemployment, as measured by Gallup without seasonal adjustment, declined slightly to 8.2% in mid-May from 8.3% in April. Gallup’s seasonally adjusted unemployment rate is 8.5% in mid-May, down slightly from 8.6% last month. Much of this decline may be due to a decline in the workforce participation rate — Americans 18 years or older … Continue reading
Staples | 500 layoffs, 200 in United States
Office supply giant Staples Inc. said Wednesday that it has cut 500 jobs worldwide as first-quarter profit fell 6 percent to $187 million. The Framingham chain eliminated 200 positions in North America, including a majority at its headquarters, as well as at an office in Toronto. Staples declined to identify how many people lost their … Continue reading
36% Of working-age Americans not currently working
What is the current percentage of working-age Americans, eligible to participate in the civilian labor force, but not currently working? Answer: 36.3 percent. That’s the worst labor participation rate in three decades, and it’s part of the worst employment picture we’ve seen since the Great Depression. Labor force participation is the number we should really … Continue reading
Too Hot for TED : What if the typical family got today their 1980 share: 25% more or $13,000 more a year
If you’re plugged into the Internet, chances are you’ve seen a TED talk – the wonky, provocative web videos that have become a sort of nerd franchise. TED.com is where you go to find Facebook COO Sheryl Sandberg explaining why the world has too few female leaders, or Twitter cofounder Evan Williams sharing the secret … Continue reading
Survey | Older Workers are sticking with their jobs because they “want to”
According to the Older Workers & Money Survey released today by Charles Schwab & Co., Inc., more than three-quarters (76 percent) of middle-income Americans who are between the ages of 50 and 69 say they are sticking with their jobs because they “want to” vs. being “stuck” in them because they can’t leave. Moreover, one … Continue reading
U.S. | Nearly $1 Trillion a year fighting poverty and over the next 10 years, governments will spend $250,000 for every poor American
On January 8, 1964, President Lyndon B. Johnson delivered a State of the Union address to Congress in which he declared an “unconditional war on poverty in America.” At the time, the poverty rate in America was around 19 percent and falling rapidly. This year, it is reported that the poverty rate is expected to … Continue reading
U.S. | Rising innequalities in the United States was a root cause of the financial crisis
As noted by The Economist, “[s]everal prominent economists now reckon that inequality was a root cause of the financial crisis.” Indeed, in recent years there has been a proliferation of analyses supporting this view writes Till van Treeck in Did inequality cause the U.S. financial crisis? published on boeckler.de. The explanation is straightforward: As the benefits of rising … Continue reading
Australia | Unemployment rate at 4.9% : 12-month low as people stop looking for a job
TREND ESTIMATES (MONTHLY CHANGE) Employment increased to 11,484,200. Unemployment decreased to 614,200. Unemployment rate steady at 5.1% from a revised March 2012 rate. Participation rate steady at 65.2% from a revised March 2012 rate. Aggregate monthly hours worked increased to 1,624.1 million hours. SEASONALLY ADJUSTED ESTIMATES (MONTHLY CHANGE) Employment increased 15,500 (0.1%) to 11,501,000. Full-time … Continue reading
The overlapping structural problems
There are several overlapping structural problems writes David Brooks on NYTimes.com. The country is divided when different people take different sides in a debate. The country is really divided when different people are having entirely different debates. That’s what’s happening on economic policy. Many people on the left are having a one-sided debate about how to deal … Continue reading
Focus on jobs, not the budget deficit says Krugman
Paul Krugman has a simple message for U.S. policymakers: Forget about the country’s huge budget deficit. It can be fixed over the next decade. Focus instead on the much more immediate problem of mass unemployment. “It’s not true we’re going over a cliff on fiscal problems,” the Nobel Prize-winning economist said in an interview with … Continue reading
Job Statistics | A 200,000 gap makes the Job Report meaningless
Last Fridays’s Bureau of Labor Statistics release said 115,000 new jobs were created in April. However, if you read the footnotes, what Friday’s report really says was that the BLS is 90% certain that April new jobs were between 15,000 and 215,000. Mind you, the BLS did not say 100% only 90% certain. That means … Continue reading
Declining Participation Rate | Any bounceback in the participation rate will be fairly small
The Chart Below from Calculated Risk shows the actual annual participation rate and two forecasts based on changes in demographics. Now that the leading edge of the baby boom generation is starting to retire, the participation rate is declining and will probably continue to decline for the next 20 years. Note: the yellow line is … Continue reading
Where the jobless rate is going down : Walker County, Ga
As the United States grapples with stubbornly high unemployment, there’s one part of the country where the jobless rate is plummeting. Walker County, Ga., population, 68,756. As manufacturing strengthened in the area, Walker’s unemployment rate shaved off more than three percentage points in only 15 months, and is still falling fast. “We have actually seen … Continue reading
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