The optics for U.S. payrolls were uninspiring last month without altering the big picture: A tight labor market is helping lift wages and underpinning the Federal Reserve’s plan to keep raising interest rates.The return of more seasonable winter weather resulted in some payback, as hiring cooled more than forecast in March following an upwardly revised blowout number in February, Labor Department figures showed Friday. The jobless rate held at a 17-year low, while the advance in average hourly earnings matched projections.The three-month average payroll gain of 202,000 -- compared with the 182,000 average in 2017 -- signals demand for labor will help lift wages and sustain economic growth that’s also likely to get a boost from tax cuts. A drop in construction employment and smaller gains in other weather-sensitive industries added to the volatility, cushioned by steady job growth in manufacturing that now faces a potential headwind from President Donald Trump’s tariff … [Read more...] about U.S. Labor Market Back on More Even Keel After Blowout February
Labor market survey
By March 28, 2018, 5:06 AM EDT U.K. companies are finding it harder and harder to hire the right people and it’s having an impact on the pace of economic growth, according to a Bank of England report.That’s bad news for the U.K., which is already among the slowest-growing Group of Seven economies. It’s forecast to expand 1.5 percent this year and next, weaker than the euro area and the U.S.In a broad report based on surveys of companies published Wednesday, the BOE said recruitment difficulties were “elevated” and “remained a primary concern” among companies. The U.K. jobless rate is at its lowest in over four decades and employment is at a record high.The BOE added that the industries reporting skill shortages now include hospitality, warehousing, agriculture and food, adding to a list that already covered construction, engineering, software development, professional services and logistics. It blamed this on reduced availability of … [Read more...] about U.K.’s Tight Labor Market Is Holding Back Growth, BOE Says
This weekend (November 23, 2013), some 40 renowned guests from Europe and the United States met in Munich to discuss the impact of the newest technological innovations on business. Research and development teams of large companies determine how to use the latest in technology to make their products even better, or how to produce their products at a lower cost - whether by using new machinery or by changing workflows. Workers play a key role in this process, as they have to adapt to the constant change in technological advancements. However, this is not always easy. Many of the conference guests are or have been company directors or board chair people and practically all of them have been responsible for cutting jobs. Ideas for more employment David Nordfors from California is a go-getting thinker who engages in debates in the USA and Europe. It was also at his initiative that these clever minds were invited to Germany. The conference’s name, i4j, stands for "Innovation for … [Read more...] about Innovations: Curse or blessing for the labor market?
Although he has some 20 years work as a plumber on large commercial buildings behind him, 47-year-old Andreas Dienelt is installing curtain rods and hooking up washing machines in private apartments these days. He makes about €10 ($13.40)an hour doing this occasional under-the-table work, which helps supplement the unemployment benefits he receives from the state. After his firm laid him off in 2002, Dienelt entered into a program to retrain as a facility manager. But he still hasn't found work and, at this point, isn't very optimistic he ever will. "My age is working against me, I'm sure of that," he said. "No one wants to hire you after you've passed 40." Fear of gray Dienelt's opinion is backed up by a study conducted this month by the Institute of Work and Technology (IAT), based in the city of Gelsenkirchen. The institute found that only 54 percent companies they asked were willing to employee people over the age of 50. Just under one-third said they would … [Read more...] about Germany’s Labor Market Losers
France's new government has published the details of a key labor market reform aimed to get the economy back on track. The expected outcry from most of the country's traditionally rather feisty unions has failed to materialize. But economists say this is largely down to the reform plans not going far enough. The country has a history of failed labor market reforms. The latest attempt in line by former Socialist President Francois Hollande in 2016 was met with months of demonstrations and strikes. He had to considerably water down his plans of making the labor law more flexible. But President Emmanuel Macron seems to think that this time is the charm. He sent Prime Minister Edouard Philippe to make this point in Thursday's press conference on the reform. "We have from the beginning and very clearly stated how we would proceed and obtained a large majority for our plans in the legislative elections," he said adding that the government had a clear mandate to "transform" the … [Read more...] about Emmanuel Macron’s labor market reform – uncontroversial and insufficient