Job Market Monitor
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US / Mortgage business has announced 49,000 layoffs the first nine months of 2013
Financial firms are cutting tens of thousands of jobs because of a slowdown in the mortgage business, the sluggish economy, the growth of online banking and new regulations. The sector announced 49,000 layoffs the first nine months of 2013, most among all industries, outplacement firm Challenger Gray & Christmas said in a report. Challenger expects … Continue reading
US / Okun’s Law says the economy is well below its potential
The basic logic that underlies Okun’s law has proven to be robust over the decades Continue reading
US Monetary Policy / Fed’s Bullard sees substantial progress in labor markets
There’s been “substantial progress” in the U.S. labor market, St. Louis Fed President James Bullard told CNBC on Monday. But inflation is low, he added—saying, “What’s the hurry” to taper the Federal Reserve’s massive bond-buying program. “The unemployment rate is down almost a full point from when we start this program in September 2012. We’ve … Continue reading
US / Concern as Environment Agency job cuts estimate rises to 1,700
Waste industry bodies have expressed concerns after the Environment Agency (EA) confirmed an estimated 1,700 staff are likely to be cut between now and October 2014 – higher and sooner than its previous estimates of 1,400 job losses up to 2016. According to an Agency spokeswoman, the current total headcount of staff is 11,400, which … Continue reading
US / Construction adds 20,000 jobs and unemployment hits six-year low
Construction employment rose by 20,000 in September, and the industry’s unemployment rate fell to a six-year low of 8.5 percent, while construction spending increased for the fifth consecutive month in August, according to an analysis of new government data by the Associated General Contractors of America. Association officials cautioned that the data does not address … Continue reading
US / Jobless Claims drop but bigger gains in payrolls are needed
Fewer Americans filed applications for unemployment benefits last week as a backlog in California’s reporting cleared. Jobless claims decreased by 10,000 to 340,000 in the week ended Oct. 26 from 350,000 the prior period, the Labor Department reported today in Washington. The median forecast of 49 economists surveyed by Bloomberg called for a decrease to … Continue reading
US / Christina Romer: Use fiscal policy, the other main tool
In a fascinating speech last week at Johns Hopkins (via Matthew Klein), former Obama economic advisor Christy Romer proposes a totally different framework for stimulus. Essentially we lean on fiscal stimulus more, but we set it up so that it’s permanently flexible … and thus more like monetary policy. So when the economy goes to … Continue reading
US / Native Unemployment Rate has been over 10 percent for five years
While the unemployment rate for white workers peaked at 9.1 percent in 2010 and is now down to 6.1 percent, Native Americans have experienced double digit unemployment rates ever since 2008, according to an analysis from the Economic Policy Institute. Their current rate hovers over 11 percent. Chosen excerpts by Job Market Monitor. Read the whole … Continue reading
US / Mid-sized firms add more than 1.25 million jobs in 2013 while large corporations cut more than 3 million jobs
Mid-sized firms are on track to add more than 1.25 million jobs in 2013, which would account for 7 out of every 10 new jobs created this year. In addition, the nearly 200,000 companies representing the U.S. middle market grew revenue at 5.5% over the past 12 months, more than double the rate of S&P … Continue reading
US / Private job gains lowest in six months reports ADP
Private-sector employment growth slowed in October, as firms adding the fewest jobs in six months and Washington’s partisan bickering over spending hit the labor market, payrolls processing firm Automatic Data Processing Inc. reported Wednesday. Private employers added 130,000 jobs this month — the fewest since April — down from 145,000 in September, according to ADP. … Continue reading
US Higher Ed / Hiring in English and foreign languages drop
After two years of slight growth, hiring for faculty positions and other full-time jobs in English and foreign languages was down year-over-year, according to a new report from the Modern Language Association Continue reading
Higher Education in US / It Pays, but a lot more for some graduates than for others
As they enter the labor market, some graduates earn far more than others. Prospective students need sound information about where their educational choices are likely to lead Continue reading
Chinese Students in US / One in four drop out of Ivy League schools
One in four Chinese students attending Ivy League universities in the US drop out, according to a study on recruitment of returned overseas graduates Continue reading
US Skills Gap / The Labor Market Polarization
the decline in the share of workers in middle-skill jobs is due both to a decline in inflows into these jobs and because of a rise in outflows from these jobs research finds Continue reading
US / 2.9 job seekers for every job opening, first time in nearly five years the ratio fell below 3.0
In a labor market with strong job opportunities, the ratio would be close to 1-to-1, as it was in December 2000 (when it was 1.1-to-1) Continue reading
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