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Sunday, 11 January 2009

Jobs news summary for the week

UK governments plan to create more internships - The UK government is planning on giving unemployed graduates three month paid internships as a way of increasing skills, work experience and reducing unemployment.

Banks keen to employ graduates - Banks are keen to continue to employ the best young graduates whilst continuing to cut the jobs of more experienced staff. Graduates are proving attractive to banks as a cheap source of labour that will be available and ready for when the markets recover.

Help for long term jobless - The UK government announces plans to tackle long-term jobless, i.e. those unemployed for over six months. Unlikely to be a significant change in policy as tackling long-term unemployment has been a stated goal of the government since 1997.

Obama jobs stimulus plan - It is estimated that Obama's fiscal stimulus could create four million new jobs. It is hard to see how this figure has been calculated and will almost certainly be way off.



US unemployment increases to 7.2%, half million jobs lost in December - US unemployment surged to a 16-year high of 7.2 percent as a deepening recession pushed employers to shed a massive 524,000 jobs in December, capping a yearly loss of 2.6 million, data showed Friday.

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Saturday, 22 November 2008

Recession and job losses

With the globe entering recession many jobs are going to be cut across the whole world over the next 12 months and perhaps beyond.

Just this week major companies around the globe announced over 80,000 job cuts. Firms in the US are shedding jobs at a rapid pace, UK unemployment is expected to double over the next year and European unemployment, which had been falling sharply in previous years has begun to increase again.

These job losses are not only going to be in the financial sector, although there will be a lot of job losses in this sector. Citigroup alone is expecting to reduce headcounts by 75,000. However, jobs are being lost across the board in construction, retail, business services, manufacturing etc. The only place that employees can feel fairly confident of job security is in the public sector, however, I wouldn't be complacent anywhere!

Things are looking fairly bleak at the moment as we are currently in the heart of the storm. I'm not saying that the storm is not going to get worse but sometimes when you are in a downturn it seems like it will never end.

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Tuesday, 6 May 2008

Jobs and the economy in 2008 - an update

It may seem like the slowdown in the world economy is not having an impact upon the jobs market in the UK. This is probably true for now, but this doesn't mean it won't.

The first people who are likely to lose their jobs in the current slowdown are those working for the big banks. Another big bank, UBS, announced 5,500 worldwide job cuts this morning. These jobs cuts will be made over the next year through a process of redundancies, fewer job created and natural wastage. All in all it is estimated that banking jobs and those jobs supporting the banking sector will fall by between 20,000 and 40,000 in central London alone.

Wider job losses are likely to follow soon after. The next groups to suffer will be those working in the housing market. With fewer housing transactions there will be less work for estate agents and house builders.

Next as the housing market slows and as the price of day to day living increases, people are likely to be spending less at the shops. Retailers have already started to see sales falling in March and probably in April. Some retailers will go bust and jobs will be lost.

Jobs will gradually be lost from the wider economy. As activity slows there will be less business to do and less need for additional staff. Tighter margins will mean that cost saving measures will be necessary for many businesses, including cutting headcounts.

One upside is that manufacturing may fair slightly better than it has done in the recent past. The weak pound should help to make British manufacturing more competitive, helping to support manufactured exports. However, with the world economy slowing and Britains export partners suffering this is not guarenteed.

Although the labour market has remained resilient in the first few months of 2008, expect to see unemployment start to rise in the next few months. We are not going to see unemployment levels at a level comparative to the early 90s, but it is going to be quite unpleasant for many.

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