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…
StatCan Report Casts Clouds on Claims of a Widespread Labour Shortage in Canada
OTTAWA—A new report is casting doubt on the idea that Canada is facing a widespread labour shortage and bolsters the arguments by some labour economists that high job vacancies aren’t due to a shortage of workers. The Statistics Canada analysis finds there are no labour shortages for jobs that require high levels of education, suggesting…
Shred the White Collar and Put on the Blue
May 17, 2023
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blue collarBusiness & MarketsBusiness ColumnistsemploymentJobs MarketOpinionU.S. economyViewpointswhite collar
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Commentary In 1936, John Maynard Keynes, who was the most influential economist of the 20th century, wrote in his popular treatise (“The General Theory”) of his ultimate solution for permanent growth and high employment without business cycles. He called for the government to drive interest rates to zero. This would spur massive borrowing and then…
April Jobs Prints at 253,000, but With 149,000 Downward Revisions
May 5, 2023
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Business & MarketsBusiness Columnistseconomic policieseconomyemploymentFederal ReserveGDPrecessionUncategorizedUSUS News
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New jobs created printed at 253,000 on May 5, according to the Establishment Survey, well above market expectations of 180,000 jobs. Net revisions were down 149,000 jobs from February and March. That makes the average three-month creation of 222,000 jobs. The Household Survey, which is compiled from different data, showed 139,000 people were newly employed. Both…
Bank of Canada Expected to Hold Interest Rate on Wednesday
Economists from Canada’s major banks predict that the Bank of Canada will hold its key interest rate steady at 4.5 percent on Wednesday, as inflation in the country continues to slow. “After announcing a conditional pause on interest rate hikes in January, the central bank is widely expected to make a second consecutive decision to hold,”…
Labor Force Participation Rate Ticks up but Still Below Pre-Pandemic Levels
The U.S. labor force participation rate ticked up last month, but numbers are still below pre-pandemic levels. The participation rate for March is now at 62.6 percent, according to the U.S. Bureau Of Labor Statistics (BLS), on April 7. At the same time, the employment to population ratio edged up over the past month to 60.4…
Analysts Predict $7 Trillion Global GDP Increase From AI; Some Developers Urge Caution
“We figured out how to make humans scale,” tech CEO Emad Mostaque told attendees at the Goldman Sachs 2023 Disruptive Technology Symposium in London. He was referring to astounding progress in the field of generative artificial intelligence, seen most notably in the app ChatGPT4, which instantly produces research results presented in nearly flawless prose, good…
Job Openings Fall the Most in 2 Years
April 5, 2023
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AnalysisBusiness & MarketsBusiness Columnistsemploymentinflationjob openingslabor marketlabor participationOpinionU.S. economyU.S. jobs marketunemployment
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Commentary With labor participation rates still far below pre-lockdown norms, and with the rising investment we should be seeing, one might suppose job openings would be growing. Trends are going in the opposite direction. Job openings for March fell the most they have in two years. This data, however, needs to be unpacked a bit…
Broken Labor Markets and Shattered Progress
February 8, 2023
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AnalysisBusiness & MarketsBusiness ColumnistsemploymentJoe Bidenlabor marketsOpinionSOTUState of the UnionU.S. economyunemployment rate
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Commentary Please forgive me for not watching the State of the Union address last night. There is only so much phony baloney I can stand, and I knew in advance that it was going to be a lot of blather about how great the economy is based on the unemployment rate. The thing is that…
Headline Jobs Is a Blowout, but Fed Likely to Resume Hikes Longer or Higher
Commentary The January jobs report Establishment Survey showed that the economy added 517,000 new jobs, wildly beyond the consensus estimate of 185,000 jobs. Net revisions for November and Decembber resulted in an additional 71,000 more jobs for the last three months. (It is generally believed that 200,000–250,000 jobs are required to accommodate population growth.) The…
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