Job market – Web Firma http://webfirma.info/ Thu, 22 Sep 2022 14:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://webfirma.info/wp-content/uploads/2021/05/cropped-icon-32x32.png Job market – Web Firma http://webfirma.info/ 32 32 US weekly jobless claims rise moderately as labor market remains resilient https://webfirma.info/us-weekly-jobless-claims-rise-moderately-as-labor-market-remains-resilient/ Thu, 22 Sep 2022 14:30:00 +0000 https://webfirma.info/us-weekly-jobless-claims-rise-moderately-as-labor-market-remains-resilient/

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  • Weekly jobless claims rise by 5,000 to 213,000
  • Continuing claims drop 22,000 to 1.379 million

WASHINGTON, Sept 22 (Reuters) – The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating that the labor market remains tight despite the Federal Reserve’s attempt to cool demand with aggressive increases in interest rates.

The Labor Department’s weekly jobless claims report on Thursday, the most recent data on the health of the economy, suggested job growth remained strong this month. The U.S. central bank announced a 75 basis point rate hike on Wednesday, its third consecutive hike of this magnitude. He signaled bigger increases to come this year. Read more

“Fed officials are braking hard, but so far employers are just giving this policy a big yawn and hanging on to their workers,” said Christopher Rupkey, chief economist at FWDBONDS. “It’s either that or there’s some sort of stealth job loss where people who are laid off don’t get unemployment benefits.”

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Initial claims for state unemployment benefits rose 5,000 to a seasonally adjusted 213,000 for the week ended Sept. 17, the Labor Department said Thursday. Data for the previous week has been revised to show 5,000 fewer applications filed than previously. Economists polled by Reuters had forecast 218,000 applications for the past week.

Fed Chairman Jerome Powell told reporters on Wednesday that “there is only modest evidence that the labor market is cooling,” describing it as continuing “to be unbalanced.” Read more

Since March, the Fed has raised its policy rate by three percentage points to bring it to the current range of 3.00% to 3.25%.

Unadjusted claims rose by 19,385 to a still-low 171,562 last week. There was an increase in requests in Michigan and notable increases in California, Georgia, Massachusetts and New York. Only Indiana reported a significant decrease in deposits.

Economists say companies are hoarding workers after struggling to hire over the past year as the COVID-19 pandemic forced some people out of the labor market, in part due to prolonged illness caused by the virus.

There were 11.2 million job openings at the end of July, with two jobs for every unemployed person.

US stocks opened lower. The dollar appreciated against a basket of currencies. US Treasury prices fell.

NO MATERIAL CHANGES

The claims report covered the period the government surveyed businesses for the non-farm payrolls portion of the September jobs report.

Claims fell by 32,000 between the August and September survey periods. The payroll increased by 315,000 jobs in August. Employment is now 240,000 jobs above its pre-pandemic level.

“There’s no sign here of a change in labor market fundamentals,” said Conrad DeQuadros, senior economic adviser at Brean Capital in New York.

The number of people receiving benefits after a first week of help fell by 22,000 to 1.379 million in the week ending September 10. Next week’s data on so-called continuing claims, an indicator of hiring, will shed more light on the job situation in September.

The Fed on Wednesday raised its median forecast for the unemployment rate this year to 3.8% from its previous forecast of 3.7% in June. It raised its estimate for 2023 to 4.4% from the 3.9% projected in June, a move economists see as recessive. The unemployment rate fell from 3.5% in July to 3.7% in August.

“Historically, a year-over-year increase in the unemployment rate of this magnitude has been followed by a recession,” said Ryan Sweet, senior economist at Moody’s Analytics in West Chester, Pennsylvania. “The jury is still out on whether the Fed can pull off a soft landing.”

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Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao

Our standards: The Thomson Reuters Trust Principles.

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How the Cryptocurrency Market Will Help Create Job Opportunities in India https://webfirma.info/how-the-cryptocurrency-market-will-help-create-job-opportunities-in-india/ Tue, 20 Sep 2022 14:01:50 +0000 https://webfirma.info/how-the-cryptocurrency-market-will-help-create-job-opportunities-in-india/

Currently, the cryptocurrency and blockchain industry is booming with wide adoption globally. Although controversial and having complex underlying technology, the cryptocurrency market is considered a mature industry with large investors pouring their money into it. This market is constantly evolving!

During the 3rd edition of FICCI Leads 2022, Finance Minister Nirmala Sitharaman said that the use of blockchain technology will increase by approximately 46% over the next few years.

How the Crypto Market is Helping Create Job Opportunities in India

Rajagopal Menon, Vice President of WazirX, cited the latest research conducted by LinkedIn found that job postings containing “Cryptocurrency”, “Bitcoin” or “Blockchain” increased by 394% year over year. other from 2020 to 2021.

Menon said, “All these spikes in employment opportunities have occurred even in the absence of proper regulations or policies provided by the government. Once India has an enabling regulatory framework that recognizes the real Blockchain and crypto potential as well as the pool of developers and talent available in the country, we have the opportunity to lay the groundwork for the new Internet, Web 3.0.”

In Menon’s view, crypto is where the next big gold rush is, and naturally, VCs around the world are extremely interested in investing in this space.

According to a report by Galaxy Digital Research, a New York-based financial services firm, venture capitalists (VCs) pumped over $10 billion into crypto startups in the first quarter of 2022. That could be in the region of $40. – 50 billion dollars per year.

With the right policies, Indian entrepreneurs could create the next crypto unicorns in Mumbai, Bangalore and Delhi, Menon said.

Due to smartphones and super cheap data plans, content creation has accelerated lately in India. Menon said, “With its large audience, content platforms have tailor-made programs to attract top creators. As China has become the factory of the world, Indians can become the content creation factory of the world with our knowledge of English.

According to the VP of WazirX, Web3 allows these creators to monetize their talent like never before – our artisans languishing in poverty can create NFTs that will appeal not only to the Indian diaspora but also to the wider Western audience that is always looking for new, more different talents.

Blockchain technology, still in its infancy, has already created many job opportunities under Crypto, NFT, Blockchain gaming, Logistics, etc.

“All it takes is for policymakers to put in place enabling regulations and frameworks to prevent talent from leaving the country,” Menon added.

Meanwhile, according to Amanjot Malhotra, Country Head – India, Bitay, the use of cryptocurrencies can provide a decentralized and community-based approach to job creation versus a centrally controlled, profit-driven approach. .

Cryptocurrency seems to have established itself as a form of asset class, and Malhotra believes its economic impact should be seen globally.

Among the many areas where cryptocurrencies are expected to have an impact is also job creation, especially in India.

The Indian head of Bitay cited data from job posting platforms which revealed that job postings associated with terms such as cryptocurrency or blockchain have increased by more than 600% since November. 2015, with a 1,000% growth in job searches.

Cryptocurrency jobs have increased almost 15 times since 2019, which is a sign that organizations are looking for people with blockchain and crypto expertise. Blockchain application developers, community managers, asset managers, blockchain developers and technical product managers, among others, are some of the many roles that could see an increase in hiring, a explained Malhotra.

Malhotra believes that the crypto sector will attract a lot of talent from other sectors and is very attractive in terms of growth and culture. He added, “Many job seekers from various fields who are looking for employment will find many exciting opportunities in the cryptocurrency space.”

Further, Malhotra said, “Industry insights indicated that the use of cryptocurrencies should provide a decentralized and community-based approach to job creation versus a centrally controlled, customer-focused approach. profit.”

So far in 2022, the number of cryptocurrency job openings in the United States has increased by 395%, according to a LinkedIn report.

In Malhotra’s view, the increase in the use of cryptocurrencies has the potential to benefit the Indian

technology industry in terms of employment. It will also show that the interest factor of professionals working in this space is high. In addition, jobs are created for marketers, accountants, public policy specialists and traders.

Finally, Malhotra concluded, “The use of decentralized protocols and dapps such as smart contracts has the ability to help employ industries such as banking and finance, real estate and government authorities, among others.

Meanwhile, Sakina Arsiwala, co-founder of Taki, said, “Recent regulations from government agencies have caused some startups to feel apprehensive. That said, my prediction is that there will be minimal impact felt by the overall talent pool. This stems from the fact that while crypto as an industry is at a nascent stage, the growth rate is still very high. Amid the uncertainty, there are even more opportunities for innovation.

Let’s keep in mind that these regulations are introduced in order to protect consumers from the crypto industry. India is a top market for global companies in terms of skilled employees, said Taki’s co-founder.

Finally, Arsiwala added, the Indian crypto-tech industry is expected to grow several times, which also reflects the forecast that the industry will generate almost a million job opportunities.

Recently, BetterPlace’s Frontline Index 2022 report revealed that over 8 million jobs were created in the frontline industry in fiscal year 2022. As retail consumption improved in the economy post-pandemic, the second quarter of fiscal 2022 saw a surge in demand for frontline workers. due to a steady increase in employment in the delivery and retail segments. E-commerce contributed the most to the demand for frontline workers, followed by logistics and mobility.

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]]> 22-year-old goes viral for sharing employment scam nightmare and red flags https://webfirma.info/22-year-old-goes-viral-for-sharing-employment-scam-nightmare-and-red-flags/ Sun, 18 Sep 2022 14:00:01 +0000 https://webfirma.info/22-year-old-goes-viral-for-sharing-employment-scam-nightmare-and-red-flags/

Callie Heim was thrilled to start her marketing job at trendy self-driving car company Waymo earlier this summer. She had had a difficult year – her mother recently passed away, she came home and was adjusting to life after college.

The job offer marked a turning point: ‘I was at rock bottom and felt like I was on the verge of doing some good things,’ said the aged Towson University graduate 22, at CNBC Make It.

But the excitement quickly faded when she got a message from her new employer: Before she started, she had to buy her own laptop and work phone from a company portal, and they were sending her a check for cover the costs. When the check arrived in the mail, alarm bells rang.

Heim had been scammed by a fake job offer.

“I went from excited to devastated in a month”

In a series of TikTok videos that have since gone viral, Heim recounts how she applied for the job through LinkedIn’s “Easy Apply” feature and went through what seemed like a normal, if not promising, interview process. First, she answered a few questions about her experience marketing through Wire, an encrypted messaging app she was told to download (a red flag, she says now).

She was invited for a phone interview the next day, where the interviewer said the job would involve getting a computer and a phone to do her job remotely. She then got another phone call the next day with an offer (red flag #2, Heim says).

After a few more conversations, Heim filled out employment forms, submitted a scan of his driver’s license, and sent in his banking information to prepare for direct deposit. Then she was told that she would have to buy her household equipment in advance and that she would be reimbursed later.

In reality, it’s called a fake check scam, where scammers hope you’ll send them money and “repay” yourself with an NSF cheque. Sometimes they’ll send a check first, tell you to deposit it, and hope you buy your gear (in effect, send them money) before the check bounces.

Luckily, Heim realized the scam once the check arrived. (“it looked so airbrushed,” she says) and before she sent money to the scammers. But she had to immediately close her compromised bank account and freeze her line of credit.

Heim describes the experience as humiliating and a blow to his confidence. She also felt embarrassed that the news she was so excited for and shared widely with her friends and family was not real. “I went from excited to devastated in a month,” Heim says.

The experience was emotionally draining, to say the least, but Heim considers herself lucky not to have lost any money in the process.

Red flags of a job scam

Americans were defrauded of $86 million due to bogus deals and fake jobs opportunities in the second quarter of 2022, according to the Federal Trade Commission. People reported almost 21,600 incidents of business and job opportunity scams during this period, about a third of which resulted in financial loss.

Employment scams have been a persistent problem, but have increased in 2020 as criminals take advantage of people who have lost their jobs due to Covid, Rhonda Perkins, attorney and chief of staff of the Marketing Practices Division of the FTC, Make It told CNBC in June.

Employment scams take various forms: bad actors can pose as a recruitment or temp agency and charge a fee for their services; list fake mystery shopping, government or postal jobs; or post reshipping and requalification scams on the false promise of earning money from home.

Or, they can impersonate a reputable employer and create a fake website or post fake listings on job search sites, like what happened to Heim.

The FBI says these are warning signs to watch for throughout the hiring process:

  • Interviews are not conducted in person or via a secure video call, but rather on a teleconferencing app using an email address instead of a phone number
  • Potential employers contact victims via non-professional email domains and teleconferencing apps
  • Prospective employers require employees to purchase start-up equipment from the company or pay for background checks
  • Prospective employers ask for credit card information
  • Jobs appear on job boards, but not on the company’s website
  • Recruiters or managers don’t have profiles on the job board, or the profiles don’t seem to match their roles

Lessons learned

After getting scammed, Heim took a few weeks off to apply for jobs but is back in the market with newfound vigilance.

For one thing, she makes sure to check that any job postings she sees on sites like LinkedIn or Glassdoor match those on the company’s website. But that can be tricky because anyone can spoof a real website – the scam she fell for was modeled after a real job listed on Waymo’s hiring page – so you have to be extremely careful, says -she.

Take it a step further by searching for the name of the company or person contacting you, as well as the words “scam”, “review” or “complaint”, says Perkins. Run the company or recruitment agency through the Better Business Bureau directory.

You can also contact the employer directly, using information you found on your own (for example, not an email or phone number provided to you via an unsolicited message), to verify the job legitimacy and how to apply.

“It’s tempting to use LinkedIn’s ‘Easy Apply’ feature to quickly apply for a bunch of jobs, but if you take the time to write your cover letters and contact the company directly, you might be more successful,” adds Heim.

She also knows that “if someone asks you for financial information before you’re hired, it’s forbidden.” Employers won’t ask for your social security number until after you’re hired, and you should always be vigilant to confirm their identity in person or via video before sharing it.

“It’s the worst way to learn a lesson, but it taught me to be naive on the internet,” adds Heim. “You never know who you’re actually talking to.”

What to do if you’ve been scammed

If you see or lose money from an employment scam, Perkins says to report it to the FTC at ReportFraud.ftc.gov. And if you’re concerned that you’ve become a victim of identity theft, you can report it and get a personalized recovery plan from the FTC at IdentityTheft.gov.

LinkedIn has many resources to help job seekers spot and avoid scams, including taking extra precautions for work-from-home jobs. A LinkedIn spokesperson said fake profiles and fraudulent activity are against its usage policies, and the platform uses “automated and manual defenses” to detect and address violations. “Whenever we find such material, we strive to remove it quickly and constantly invest in new ways to improve detection. We also encourage members to report anything that does not appear to be correct, so that we can investigate. .”

Wire, the messaging app, claims to be aware that fraudsters are using the app for work-related scams. He reminds candidates that they should never be asked to buy their own work equipment and if in doubt, they should contact a senior company official to ask if this is standard business practice. .

Waymo says all interviews with the company are “conducted in person or via video conference and never via email, Telegram or other platforms”, and notes best practices on its hiring page, according to a statement provided to CNBC Make It. “We also work with cybercrime experts and alert career site anti-fraud departments when we discover fraudulent accounts, with the aim of having them removed as quickly as possible.”

Heim feels good to share his story now. “My friends and I joke about it now, but back then it was a blow to my confidence and my ego.” Her confidence has returned now that she has a few job leads in hand (some recruiters have even reached out in response to her videos) and backed by positive responses indicating she has made a difference.

“People came up to me and said, ‘Oh my god, I was just on the Wire app this morning interviewing for a job. Now I’ve blocked and deleted that number.’ It makes me feel good to hear that I helped them,” says Heim.

Check:

Americans lost $68 million to job scams this year – here’s what to look for

The best RTO benefit that no one is talking about? office gossip

‘It’s about fairness and respect’: California may soon pass new pay transparency law

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Asian stocks follow Wall St drop on inflation pressure https://webfirma.info/asian-stocks-follow-wall-st-drop-on-inflation-pressure/ Fri, 16 Sep 2022 05:59:00 +0000 https://webfirma.info/asian-stocks-follow-wall-st-drop-on-inflation-pressure/

By JOE McDONALD, AP Business Writer

BEIJING (AP) — Asian stock markets followed Wall Street lower on Friday after higher-than-expected U.S. inflation dashed hopes that the Federal Reserve could walk away from further interest rate hikes.

Shanghai, Tokyo, Hong Kong and Sydney fell. Oil rose slightly.

Wall Street’s benchmark S&P 500 lost 1.1% on Thursday, adding to declines since the release this week of government data showing August inflation remained near a four-decade high despite four increases interest rate cuts this year to slow the economy.

On Thursday, US government data showed unemployment claims last week fell while consumer sales in August rose. This gives arguments to Federal Reserve officials who say the economy can tolerate more rate hikes.

political cartoons

Wall Street’s decline indicates ‘no sign of easing risk sentiments’ as labor market data ‘gave the green light for further tightening’ of monetary policy, IG’s Yeap Jun Rong said. in a report.

The Shanghai Composite lost 1% to 3,166.77 after official data showed Chinese consumer and factory activity improved in August but was still weak. Home sales fell 30% from a year earlier under pressure from a government debt crackdown.

The Nikkei 225 in Tokyo fell 1.1% to 27,581.36 and the Hang Seng in Hong Kong fell 0.5% to 18,829.43.

Seoul’s Kospi fell 1% to 2,377.69 and Sydney’s S&P-ASX 200 fell 1.5% to 6,742.90.

The Indian Sensex opened 1% lower at 59,311.07. Markets in New Zealand and Southeast Asia declined.

On Wall Street, the S&P 500 fell to 3,901.35 on Thursday after the Labor Department said the number of jobless claims last week fell to its lowest level in four months.

The market benchmark is down 4.1% for the week after the biggest decline in two years on Tuesday after the government announced that US consumer prices rose 8.3% year on year. previous year and 0.1% compared to July.

The headline figure was down from June’s peak of 9.1%, but core inflation, which excludes volatility in food and energy prices to give a clearer picture of the trend, is rose to 0.6% from the previous month, compared to 0.3% in July.

Traders fear that aggressive interest rate hikes by the Federal Reserve and central banks in Europe and Asia to control rising prices could derail global economic growth. Two of the Fed’s rate hikes this year have been 0.75 percentage points, triple its usual range, and traders expect a similar increase this month.

Fed Chairman Jerome Powell said in August that rates would stay high for some time until the US central bank was confident inflation was under control.

The Dow Jones Industrial Average fell 0.6% to 30,961.82. The Nasdaq slipped 1.4% to 11,552.36.

Retail sales data gave a mixed picture of how US consumers are coping with inflation.

Sales unexpectedly rose 0.3% in August after falling 0.4% in July.

Rail operators mostly rose slightly after an interim labor agreement was reached, averting a disruptive strike. Union Pacific rose 0.2% and Norfolk Southern gained 0.3%. The CSX fell 3.4%.

In energy markets, benchmark U.S. crude rose 24 cents to $85.34 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell from $3.38 on Thursday to $85.10. Brent crude, the price basis for international oil trade, gained 38 cents to $91.22 a barrel in London. It lost $3.26 the previous session to $90.84.

The dollar fell to 143.33 yen from 143.49 yen on Thursday. The euro fell slightly to 99.90 cents from 99.91 cents.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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The G20 agree to accelerate the development of an inclusive labor market https://webfirma.info/the-g20-agree-to-accelerate-the-development-of-an-inclusive-labor-market/ Wed, 14 Sep 2022 06:27:24 +0000 https://webfirma.info/the-g20-agree-to-accelerate-the-development-of-an-inclusive-labor-market/

We agree that it is important to accelerate the (implementation of) G20 principles related to labor market integration and inclusiveness for people with disabilities

Badung, Bali (ANTARA) – G20 member countries have recognized the importance of accelerating the development of an inclusive labor market for people with disabilities, Indonesian Minister of Manpower Ida Fauziyah has said.

“We agree that it is important to accelerate the (implementation) of the G20 principles related to the integration and inclusiveness of the labor market for people with disabilities,” Fauziyah remarked at the opening of the G20 Labor and Employment Ministers Meeting (LEMM) in Badung. , Bali, Wednesday.

The Minister noted that the previous series of Employment Working Group (EWG) meetings under the Sherpa Track of the Indonesian G20 Presidency offered several perspectives, ideas and inputs for policy-making by member countries. .

One of the issues discussed at the meeting was an inclusive labor market and the affirmation of decent work for people with disabilities.

Therefore, she stressed the need for a commitment to oversee the implementation of the principles.

Related news item: Ready for G20 LEMM in Bali: Minister

On this occasion, Vice President Ma’ruf Amin encouraged all parties to forge cooperation to create an inclusive and safe environment for workers.

Amin said Indonesia assumed the G20 presidency with a commitment to jointly restore global economic conditions by strengthening cooperation, including in the area of ​​employment.

Indonesia continues to strive for the realization of the rights of workers with disabilities, including through the provision of inclusive infrastructure, he noted.

“Therefore, we must take advantage of this honorable forum to build momentum and strengthen engagement and cooperation and share knowledge and experiences for an inclusive and sustainable recovery in the world of work,” he said.

The G20 LEMM is a ministerial-level meeting that will follow up on the results of the discussions at the Employment Working Group (EWG) meetings – which have been held five times – on sustainable job creation, security and occupational health, as well as building an inclusive labor market.

Related News: G20 EWG approves Disability Policy Assessment Tool

The ministry also organized an exhibition showcasing Indonesia’s best practices in opening up the labor market for people with disabilities at the G20 LEMM venue.

Several non-governmental organizations, such as DNetwork and Menembus Batas, participated in the exhibition to show the participation of various stakeholders in the development of a more inclusive labor market in Indonesia.

In addition to developing a more inclusive labor market, Indonesia has raised three other priority issues at the G20 LEMM, namely human resource capacity development for sustainable productivity, sustainable job creation, as well as adoption of more effective worker protection policies to improve their resilience.

Related News: 2022 B20, L20 joint statements to improve employment sector: Minister

Related News: G20 CMM: Finding Cultural Pathways to Recovery, Sustainable Living

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The exodus of people aged 55 and over from the labor market is a statistical mirage https://webfirma.info/the-exodus-of-people-aged-55-and-over-from-the-labor-market-is-a-statistical-mirage/ Fri, 09 Sep 2022 21:31:00 +0000 https://webfirma.info/the-exodus-of-people-aged-55-and-over-from-the-labor-market-is-a-statistical-mirage/

I’m in my late 50s and I’m at work. The same is true for more than 70% of Americans between the ages of 55 and 59, according to the Bureau of Labor Statistics. In fact, my age group’s participation rate was approaching record highs earlier this year before experiencing its usual summer decline.

As a result, I tend to cringe a bit whenever I read about the sharp decline in labor force participation among Americans 55 and older and its supposed adverse effects on the labor market and the economy. . It is true that in August the labor force participation rate for the entire 55+ age group was, at a seasonally adjusted rate of 38.6%, down 1.7 percentage points from on the eve of the pandemic in February 2020 and close to its lowest level in 15 years. But as I’ve demonstrated before, those of us in our late 50s aren’t the problem. We are still working at record speeds!

Americans in their early 60s are also fairly close to record labor force participation. The sharp declines concern all people aged 65 and over. But – and this is where things get really weird – these declines are still smaller in percentage terms than those of the 55-and-over group as a whole. This strange oddity of data is the result of what are called compositional effects, caused by the changing age distribution within the age group, which I will discuss a little later. But first, let’s sidestep the odd quirk by looking at changes in the labor market for smaller age groups. adjusted labor market data. The unadjusted numbers come with large seasonal fluctuations and, especially when looking at narrow age groups such as 55-59, a fair amount of statistical noise from month to month. Still, there are ways to manage both, like comparing this summer’s three-month averages with those before the pandemic in 2019.

The labor force participation rate is the estimated number of Americans who are gainfully employed (not including active duty military) or seeking employment, divided by the non-institutionalized civilian working-age population. Another key measure, the employment-to-population ratio, is the number of people in paid employment divided by the population, also excluding active duty military and institutionalized people. Both are expressed as percentages, so why one is called a rate and the other a ratio is a mystery to me. After this table, I will simply refer to both as rates.

One thing that stands out here is the seemingly limited impact of Long Covid on the labor market. The lingering effects of Covid-19 are real and may afflict millions of Americans, but the fact that every age group under 60 but two has higher participation and employment rates than before the pandemic seems to indicate that Long Covid isn’t keeping a significant number of working-age Americans out of the workforce. As for the two age groups under 60 who have not regained or surpassed their summer 2019 participation and employment rates, those in their early 20s may stay longer at the university to catch up on pandemic gap years and other delays, or still struggle to recover from the many disruptions to the job market and society at large in 2020. For people in their late 30s, complications from Childcare could be a culprit, although oddly women in this age group have returned to pre-pandemic levels, unlike men.

For workers aged 60 and over, who in the decades before the pandemic had seen steady gains in labor force participation and employment, it makes sense that a disease that was far deadlier for older people have driven many out of the workforce – either because of fear of catching Covid-19 or battling complications from Long-Covid after catching it. The remarkable performance of stocks and other assets in 2020 and 2021 may also have led some affluent older workers to retire earlier than expected. But again, members of the 60-64 age group only left briefly. Their labor force participation rate hit an all-time high in March 2020, when low response rates amid the shutdowns may have skewed the data, and edged closer to that last November. (“All times” for these figures only go back to June 1976, but statistics available since 1948 for the broader age group of 55-64 indicate that recent rates are also highest during this time. period.)

Participation of people aged 60 to 64 was down this summer compared to the summer of 2019, but this could be evidence of a change in seasonal hiring patterns rather than a sustained decline in participation. labor market. Teen labor force participation plummeted in the 2000s, leading traditional teenage employers such as McDonald’s to recruit seniors for summer jobs. Today, hordes of 16- and 17-year-olds are entering the workforce, reducing the need for such efforts.

Those 65 and older have actually seen a sharp drop in labor force participation after decades of gains. But those over 65 made up only 6.6% of the working population in August, compared to 16.4% for those aged 55 to 64. Their 1.1 percentage point drop in labor force participation since the summer of 2019 equates to 626,835 missing applicants. workers – not nothing, but also not that huge in a workforce of almost 165 million.

The decline in labor market participation for the broad category of 55 and over is 1.7 percentage points, whether measured in seasonally adjusted data for February 2020 or in unadjusted comparisons for summer 2019 in the summer of 2022, as I did with the other age groups. . How can that be more important than the drop for people over 65, let alone those in their late 50s and early 60s? Well, the youngest baby boomers will turn 58 this year, which means the younger part of the 55+ group is now replenished with the smaller members of Gen X.

For this reason, the average age of Americans in the 55+ category has increased even during the ravages of Covid-19 and will continue to do so. (1) Meanwhile, labor force participation tends to peak around age 40 and decline as age beyond. Thus, from year to year, the activity rate of those aged 55 and over will fall even if the rates for each year of age within the group remain the same. The reverse happened when baby boomers started entering the age group two decades ago, as will also be the case for the over-75 age group they started. to join last year.

The aging of baby boomers and the American population in general is real and will have many economic consequences, but the apparent mass exodus of workers aged 55 and over during the pandemic is something of a statistical mirage. In other words, many older Americans left the workforce, but the irreversible process of aging was as much to blame as the potentially reversible consequences of the pandemic. Those looking to attract more people to the job market should probably focus on addressing the issues that are keeping potential workers away in their early 20s and late 30s rather than worrying about older people.

Again, there’s another compositional effect at work in these statistics that I haven’t discussed. While women’s labor force participation rates increased from the 1950s to the 1990s, those of men fell. So while the current labor force participation rate for all Americans in their late 50s and early 60s is near an all-time high, for men it is well below rates before the mid 1970s.

The conundrum of why labor force participation fell so much among American men of all ages was a major topic of economic discussion in the 2010s that is likely to see a revival. For people in their late 50s and early 60s, the drop wasn’t all bad news, as generous early retirement packages certainly helped in part. These are less common than they were before, while bringing the participation of men aged 55 to 64 back into the labor force, for example, to the August 1970 rate of 82.6% would add 2 million potential workers to the US labor market. Bringing the participation rate of so-called prime-age men (25-54) back to 1970 levels would add another 4.5 million. Reversing the changes that occurred half a century ago is certainly much more difficult than reversing those of the past two years. But this may be the next frontier.

More other writers at Bloomberg Opinion:

How the United States can make the apprenticeship model work: Robert Lerman

Powell can’t count on a labor market miracle: Jonathan Levin

Young people won’t find meaning in life at work: Allison Schrager

(1) It fell in Census Bureau data from mid-2019 to April 2020, as the 2020 census found there were fewer Americans 70 and older than the bureau had previously estimated , But this is another story.

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Justin Fox is a Bloomberg Opinion columnist covering business. Former editorial director of Harvard Business Review, he has written for Time, Fortune and American Banker. He is the author of “The Myth of the Rational Market”.

More stories like this are available at bloomberg.com/opinion

]]> What matters for job search and long-term separation? Evidence of labor market dynamics in New Zealand https://webfirma.info/what-matters-for-job-search-and-long-term-separation-evidence-of-labor-market-dynamics-in-new-zealand/ Wed, 07 Sep 2022 21:15:32 +0000 https://webfirma.info/what-matters-for-job-search-and-long-term-separation-evidence-of-labor-market-dynamics-in-new-zealand/

What matters for job search and long-term separation? Evidence of labor market dynamics in New Zealand

Author/Editor:

Guanyu Zheng; Gulnara Nolan; Christophe Boulé; Siddharth Kothari; Yosuke Kidō



Publication date:

September 7, 2022

Electronic access:

Free download. Use the free Adobe Acrobat Reader software to view this PDF file



Disclaimer: IMF Working Papers describe ongoing research by the author(s) and are published to elicit comment and encourage debate. The opinions expressed in IMF Working Papers are those of the authors and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.


Summary:

We use new anonymized microdata from the Household Labor Force Survey (HLFS) to analyze job search rates and job separation rates in New Zealand. We find that individual characteristics, including age, gender, ethnicity, and education, have a significant impact on job search and job separation rates, even after controlling for other factors. We use a decomposition approach to analyze how the effects of individual characteristics on job search and job separation rates contribute to the heterogeneity of employment outcomes. Overall, we find that higher separation rates for younger workers play a disproportionate role in explaining heterogeneity in employment outcomes across age groups, while differences in find rates are somewhat more important in explaining differences by level of education. Differences in outcomes and separation rates are important in explaining ethnic differences. We also find a heterogeneous response of worker groups to the business cycle after controlling for other factors. The results highlight the importance of well-targeted labor market support policies.

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Mixed actions; RBA hikes interest rates https://webfirma.info/mixed-actions-rba-hikes-interest-rates/ Tue, 06 Sep 2022 05:52:00 +0000 https://webfirma.info/mixed-actions-rba-hikes-interest-rates/

The Reserve Bank of Australia building in Sydney, Australia, Monday, September 6, 2021.

David Gray | Bloomberg | Getty Images

Stocks in the Asia-Pacific region traded mixed on Tuesday as Australia’s central bank raised interest rates again.

Japan’s Nikkei 225 rebounded from previous losses to rise slightly and the Topix index was close to the flatline.

The Hang Seng Index in Hong Kong gave up early gains to fall 0.42%. Mainland China’s Shanghai Composite gained 1.01% and Shenzhen Component rose 0.655%.

The Kospi in South Korea was little changed and the Kosdaq gained 0.68%.

In Australia, the S&P/ASX 200 rose slightly.

The Reserve Bank of Australia raised rates by half a point to 2.35%, as expected by analysts polled by Reuters. The Australian dollar was at $0.6808 after the move.

MSCI’s broadest index of Asia-Pacific stocks outside of Japan was roughly flat.

On Monday, the People’s Bank of China announced that it would reduce the required foreign exchange reserve ratio, or the amount of foreign exchange reserves that financial institutions must hold, to improve financial institutions’ ability to use foreign currency funds.

From September 15, the RRR will be 6%, compared to 8% previously.

“This reduction should help increase FX liquidity and therefore reduce CNY depreciation pressure. Although the actual impact on FX liquidity is small…this reduction serves as a strong policy signal that the PBOC is not is not comfortable with the rapid depreciation of the currency,” Goldman Sachs Economics Research analysts wrote in a note late Monday.

On Tuesday, the PBOC pegged the midpoint of the yuan against the dollar at 6.9096, the weakest since Aug. 25, 2020, according to Wind Information.

US markets were closed overnight for a holiday.

In oil markets, US crude extended its gains from the previous session, while Brent crude edged lower.

– CNBC’s Evelyn Cheng contributed reporting.

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Make Your Own Predictions: The California Labor Market https://webfirma.info/make-your-own-predictions-the-california-labor-market/ Sat, 03 Sep 2022 02:08:57 +0000 https://webfirma.info/make-your-own-predictions-the-california-labor-market/

Before the majority of people can buy or rent a home, they need stable access to an income — in most cases, a work.

Moreover, without labor to provide jobs, businesses do not need to occupy and use commercial space. Thus, employment is the number one factor influencing all aspects of real estate market.

After the 2008 recession, it took eight years for California to recover all lost jobs. Counting interim demographic gains, California’s labor market didn’t really recover until 2019 – just in time for the recession 2020 to eradicate six years of job growth in just two months.

How to do you do you think jobs have fared since the 2020 recession?

Make your best guess by clicking on the red dot in the table below and dragging the line to where you think the jobs are today. When you’re done, click Reveal Graph to see how the works actually worked.

Employment data

14.1M 14.6M 15.1M 15.6M 16.1M 16.6M 17.1M 17.6M 18.1M 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Slide



Source: California Department of Employment Development

How did you do? Has California’s jobs recovery so far exceeded or fallen short of your expectations? Share your experience in the comments below and learn more about the California job market and its impact on real estate in our job board.

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US weekly jobless claims at two-month low as job market remains resilient https://webfirma.info/us-weekly-jobless-claims-at-two-month-low-as-job-market-remains-resilient/ Thu, 01 Sep 2022 13:54:00 +0000 https://webfirma.info/us-weekly-jobless-claims-at-two-month-low-as-job-market-remains-resilient/

A sign advertising job openings is seen outside a Starbucks in Manhattan, New York City, New York, U.S., May 26, 2021. REUTERS/Andrew Kelly

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  • Weekly jobless claims fall by 5,000 to 232,000
  • Continuing claims rise by 26,000 to 1.438 million
  • Layoffs announced by US companies fall 21% in August

WASHINGTON, Sept 1 (Reuters) – The number of Americans filing new claims for unemployment benefits fell to a two-month low last week as layoffs fell in August, suggesting the Federal Reserve may continue to aggressively raise interest rates to slow the labor market .

The Labor Department’s weekly unemployment claims report on Thursday, the most recent data on the health of the economy, also showed that fewer people had applied for unemployment benefits in the previous week than originally expected. The data reflects strong demand for workers and tight labor market conditions. The Fed has raised rates sharply to keep inflation under control by dampening demand across the economy.

“The labor market remains strong and allows the Fed to aggressively raise interest rates,” said Ryan Sweet, senior economist at Moody’s Analytics in West Chester, Pennsylvania.

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Initial claims for state unemployment benefits fell by 5,000 to a seasonally adjusted 232,000 for the week ended Aug. 27, the lowest level since late June. Data for the previous week has been revised to show 6,000 fewer applications filed than previously. Economists polled by Reuters had forecast 248,000 applications for the past week.

Sharp interest rate hikes by the US central bank have increased the risk of a recession. There are still no signs of widespread layoffs. The Fed has raised its key rate by 225 basis points since March.

Unadjusted jobless claims fell by 2,492 to 176,793 last week. There were notable declines in Connecticut, Missouri, Oklahoma and Georgia. These offset the large increases in Massachusetts and New York.

The government announced this week that there were 11.2 million job vacancies at the end of July, with two jobs for every unemployed person. The resilience of the labor market continues to dispel fears that the economy is in recession after the contraction of gross domestic product in the first half of the year.

The number of people receiving benefits after a first week of help, an indicator of employment, rose by 26,000 to 1.438 million in the week ending August 20.

LOW LAYOFFS

The claims data has no bearing on the August jobs report, which is due out on Friday. Nonfarm payrolls likely rose by 300,000 jobs last month after jumping 528,000 in July, according to a Reuters survey of economists.

As job growth slows, labor market conditions remain tight.

A separate report by global outplacement firm Challenger, Gray & Christmas showed on Thursday that announced job cuts by US-based employers fell 21% to 20,485 in August. Although layoffs are up 30% from a year ago, they are down 27% in the first eight months of this year compared to the same period in 2021.

“Employment data continues to point to a strong labor market. Job vacancies are high, layoffs are low and workers appear to have slowed their quits,” said Andrew Challenger, senior vice president at Challenger. , Gray & Christmas. “If a recession is imminent, it is not yet reflected in the employment data.”

The tech industry accounted for nearly a quarter of announced job cuts in August. Tech companies have announced 14,408 layoffs so far this year, a 70% increase from the same period last year.

Overall, employers announced plans to hire 41,985 workers in August, up 65% from July.

Although hiring in August is down 55% from a year ago, it is up 18% so far in 2022 compared to the same period in 2021.

Economists still expect job growth to slow, especially as worker productivity continues to fall.

A third Labor Department report released Thursday showed nonfarm productivity contracted at an annualized rate of 4.1% in the latest quarter, revised up from the previously reported pace of contraction of 4.6% last month. It fell at a rate of 7.4% in the first quarter.

Productivity fell at a rate of 2.4% from a year ago, down from the 2.5% pace estimated last month. It was still the largest year-on-year decline since the government began tracking the series in the first quarter of 1948. read more

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Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Andrea Ricci

Our standards: The Thomson Reuters Trust Principles.

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