The “Great Resignation” looks to continue as a quarter of workers expect to change jobs in the next 12 months, up from 19 percent last year, according to a new global survey by PwC. The Great Resignation is a term coined in 2021 to describe the record number of people changing jobs or leaving the…
The ‘Great Resignation’ Continues as Workers Look to Change Jobs: Survey
Has the Recession Already Started? May 2023 Edition
Inflation has been putting pressure on households across the country for over a year now. And while prices have started to decrease again, increasing consumers’ purchasing power in the process, inflation is not yet yesterday’s problem. As you map out your own household budget, it’s easy to spot the continued impact of higher prices. With…
Number of Americans Filing for Jobless Claims Is Elevated for 2nd Straight Week
June 15, 2023
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The number of Americans applying for unemployment benefits remained elevated last week, a possible sign that the Federal Reserve’s interest rate hikes over the past year may taking hold in what’s proved to be a resilient job market. U.S. applications for jobless claims were 262,000 for the week ending June 10, the Labor Department reported…
China’s Youth Unemployment Will Worsen in the Coming Years: Experts
China has hit a record-high youth unemployment rate. A Chinese researcher warned in his recent analysis that the unemployment figure may surge further in the coming three years. “In general, from now until 2030, it will be the most challenging period for employment since China’s reform and opening up,” writes Wang Mingyuan, a researcher at a…
UK Employment Beats Pre-Pandemic Level, New Report Shows
The UK’s national employment rate is set to surpass the pre-COVID-19 pandemic level for the first time. The Office of National Statistics (ONS) published its latest labour market overview on Tuesday, showing an increase in both employees and those in self-employment. In the latest quarter, the UK employment rate was 76 percent, a rise of 0.2…
US Applications for Jobless Benefits Highest Since October 2021
The number of Americans applying for unemployment benefits last week rose to its highest level since October 2021, but the labor market remains one of the healthiest parts of the U.S. economy. The Labor Department reported Thursday that U.S. applications for jobless claims were 261,000 for the week ending June 3, an increase of 28,000…
China’s Corporate Layoffs Aggravate Unemployment
Chinese companies have been laying off employees since 2023, aggravating an unemployment crisis among Chinese youth. According to the Chinese Communist Party (CCP), the unemployment rate of urban youth aged 16 to 24 reached 20.4 percent in April. One expert believes that while this figure could be far lower than the actual one, it is…
May Jobs Resets Recession Expectations, but Hardens Inflation Expectations
June 2, 2023
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New May jobs printed at 339,000 on June 2, according to the Establishment Survey, well above market expectations of 180,000 jobs. Net revisions were were also up 93,000 jobs from March and April. That makes the average three-month jobs creation over 283,000 jobs. The Households Survey, which is compiled from different data, showed just 175,000 jobs…
IN-DEPTH: Job Prospects for China’s Rural Migrant Workers Worsen as Labor-Intensive Industries Decline
May 24, 2023
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China’s labor-intensive industries were hit hard by extreme zero-COVID measures, with business woes continuing this year, leaving the employment outlook bleak for rural migrant workers. Chinese Communist Party (CCP) leader Xi Jinping on April 29 stressed in a Central Political Bureau economic meeting of the need to “expand employment channels”. Xi also emphasized the need to “stabilize…
Fewer Americans Apply for Jobless Benefits, Labor Market Still Showing Strength
Fewer Americans applied for jobless benefits last week after a previous spike that some took as a sign that higher interest rates were finally cooling the labor market. Applications for jobless claims for the week ending May 6 fell by 22,000 to 242,000, from 264,000 the week before, the Labor Department reported Thursday. The weekly…
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