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Omar Yaqub

ATB: Unemployment Rate Only Part of the Story - 0 views

www.industrymailout.com/...ic%20Comment%2020-APR-2011.pdf

alberta edmonton work

shared by Omar Yaqub on 28 Apr 11 - No Cached
  • Omar Yaqub on 28 Apr 11
     
    Since reaching its peak last April at 7.6%, the Alberta unemployment rate has  recovered to 5.7% as of March 2011. However, to say the labour market  has  completely recovered because the unemployment rate has fallen misses an important point. The average length of unemployment in Alberta was 16.8 weeks in the first quarter of 2011, still up near the peak of 17.7 weeks reached in Q2 2010. This is substantially longer than before the recession, when the average duration of unemployment was around 8 weeks (see graph). This is a sign that the current labour market consists of two distinct groups of job seekers: those who have the skills and qualities employers want, and those who do not.During the boom years the length of unemployment was abnormally low in Alberta as employers, suffering from labour shortages,  couldn't afford to be  too  selective. However, with labour demand  cooling with the recession, individuals who currently do not have  the skills employers desire face a tough hiring climate.The unemployment rate and the duration of unemployment indicator  have followed  similar (although less dramatic)  paths at the national level,indicating that this  phenomenon is not unique to Alberta.Long-term unemployment is a much larger problem than short-term as it leads to myriad of other  social troubles. Over the coming quarters, the duration of unemployment might trickle back down slowly as the economy improves, although the root of this problem (lack of skills/skills mismatch) can't be solved by more economic growth - the solution lies in things like further education and re-training.  
Omar Yaqub

America's jobless recovery: The return of structural unemployment concerns | The Economist - 0 views

www.economist.com/...americas_jobless_recovery_2

work trends

shared by Omar Yaqub on 15 Feb 11 - No Cached
  • the rise in structural unemployment by cause in the latter paper. The authors find that skills mismatch is causing very little of the increase. Rather, unemployment insurance is responsible for most of it, with productivity improvements making up the rest.
  • Omar Yaqub on 15 Feb 11
     
    the rise in structural unemployment by cause in the latter paper. The authors find that skills mismatch is causing very little of the increase. Rather, unemployment insurance is responsible for most of it, with productivity improvements making up the rest.
Omar Yaqub

Gov of Sask Ireleand - 0 views

gov.sk.ca/...adxGetMedia.aspx

trades work recruitment ireland

shared by Omar Yaqub on 26 Apr 12 - No Cached
  • Omar Yaqub on 26 Apr 12
     
    In December 2011 the unemployment rate in Ireland rose to 14.4 per.  In the wake of a global economic recession, the Irish Economic and Social Research Institute  estimates 75,000 Irish are expected to emigrate in 2012 as unemployment in the country  continues to rise.  The Irish Government has identified emigration as one part of the economic recovery plan.  The Government of Saskatchewan was approached by employers interested in actively recruiting  skilled workers in Ireland.  The Government of Saskatchewan administers the Saskatchewan Immigrant Nominee Program  (SINP).  The SINP is an economically-driven program that responds to the need of Saskatchewan  employers.  It allows the Province of Saskatchewan to nominate applicants who qualify under  criteria established by the province for permanent resident status.  The program offers the ability to select applicants whose skills and abilities best meet the needs  of employers; application processing times that are faster than other federal immigration classes;  and, assistance from Immigration Officers who are readily available to explain program  requirements and processes. 
Omar Yaqub

Edmonton Social Planning Council - Canada's Colour Coded Labour Market: the gap for rac... - 0 views

www.edmontonsocialplanning.ca/...271

Work immigrants

shared by Omar Yaqub on 06 Jul 11 - No Cached
  • Unemployment rates and income differ amongst racialized Canadians. All racialized communities, except those who identify as Japa¬nese or Filipino, have higher unemployment rates than non-racialized Canadians. Of those remaining racialized communities, the differences in unemployment rates from the non-racialized population are significant. The unemployment rate for those who identify as Chinese was 21% higher than non-racialized Canadians. The unem¬ployment rate was 95% higher for those who identify as West Asian/Arab and 73% higher for those who identify as Black.
  • overall average income of racialized Canadians declined by 0.2% between 2001 and 2005, while that of non-racialized Canadians grew by 2.7% for the same period. The report raises concern that racialized Canadians actually lost ground at a time of economic growth in Canada and that economic growth was not a solution for income inequalities that these racialized groups face.
  • racialization of poverty in Canada, where poverty rates for racialized families are three times higher than non-racialized families. 19.8% of racialized families lived in poverty compared to 6.4% of non-racialized families in 2005. The racialization of poverty refers to a phenomenon where poverty becomes disproportionately concentrated and reproduced among racialized group members, in some cases inter-generationally. The report attributes the racialization of poverty to the historical forms of racial discrimination found in the Canadian labour market. This in turn creates a process of social and economic marginalization that in turn results in a disproportionate vulnerability to poverty among racialized communities.
Omar Yaqub

10 Percent Unemployment Forever? - By Tyler Cowen and Jayme Lemke | Foreign Policy - 0 views

www.foreignpolicy.com/...0_percent_unemployment_forever

work trends

shared by Omar Yaqub on 17 Jan 11 - No Cached
  • But there's good reason to believe that the labor market won't be keeping pace. Rather than an aberration, high unemployment may be an enduring feature of the United States' economy.
  • Even if the December rate of job creation continues, it will be 2014 before unemployment is down to 5 percent.
Omar Yaqub

It's a paradox: high unemployment with serious labour shortages - The Globe and Mail - 0 views

www.theglobeandmail.com/...article1913704

work trends competitiveness immigrants

shared by Omar Yaqub on 23 Feb 11 - No Cached
  • Almost every government, from Beijing to Ottawa, is nowadays forced to use immigration to fill job shortages, at the same time as it devotes expensive social programs to helping the jobless. This, to put it mildly, has been creating tensions.
  • 34 per cent of corporations now regard “shortage of skilled labour” as their main business constraint
  • another 13 per cent regard their biggest problem as “shortage of un/semi-skilled labour.”
  • ...7 more annotations...
  • federal government, with one ear on these urgent business needs and another on a Conservative rank-and-file who aren’t keen on immigration, is striking a compromise by keeping the numbers more or less steady.
  • Canadian businesses, both large and small, are lobbying Ottawa hard to increase its immigration numbers above the current rate of more than 280,000 per year.
  • lmost one in seven companies can’t find enough uneducated, non-experienced people.
  • German government recently concluded that its shortfall of immigrant workers is costing the economy 20 billion euros a year, leading to a strong push from business to push immigration above its current level of 600,000 per year, even though there are officially 3 million jobless Germans (or 6.6 per cent).
  • Raising pay in sectors with shortages would encourage people to get the needed education to work there, it would encourage older workers to stay on longer and it would encourage foreign workers with the right skills to move” to your country,
  • high-unemployment regions are physically far from the labour-shortage regions, and poorer people tend to be rooted in the places they grew up. Welfare changes provide a one-time fix; after that, the shortages often return.
  • United States, despite its paltry welfare programs, will still be short 35 million workers by 2030; Europe, despite its generous decent minimum wages, will need 80 million. The most direct and politically feasible solution, the one most governments will continue to use to square the circle and fill the hole, will remain immigration.
Omar Yaqub

Building America's Third Great Job Machine - Richard Florida - Business - The Atlantic - 0 views

www.theatlantic.com/...238316

Work competitiveness

shared by Omar Yaqub on 07 Jun 11 - No Cached
  • The first American job machine was organized around farms and agricultural employment. More than four in 10 Americans worked on farms in 1800. Another 20 percent or so worked in manufacturing.
  • The second great American job machine took hold during the mid-19th century, propelled by the surge in manufacturing.  By late in the century, some 60 percent of the workforce had been absorbed in industrial jobs while agricultural work dropped to roughly ten percent of employment. Industrial and blue-collar manufacturing jobs would power America's economic and employment growth for the better part of the next century, until roughly1950. But for most of those years, it was low-wage, long-day, dirty and dangerous work -- it wasn't until the Great Depression, the New Deal, and post WW II prosperity that blue-collar jobs became good, family supporting jobs.
  • Against the backdrop of a massive decline in once high-paying blue collar manufacturing jobs which is eerily similar to the decline of agricultural jobs a century or so ago, this third transformation is creating not one overall, but two distinct categories of jobs and employment.
  • ...9 more annotations...
  • first category includes millions of the best jobs America has ever seen: high-pay, high-skill jobs in knowledge-based professional and creative fields. Almost a third of American workers now have these kinds of jobs, which pay more than double most manufacturing jobs and which have been rather impervious to unemployment.
  • When unemployment among production workers climbed to more than 15 percent and surged above 20 percent for construction workers, unemployment among professional, technical and creative workers never got much above five percent.
  • the second category, which comprises such routine service work as personal care assistants and home health care aids, retail sales clerks, and food preparers -- is not so good. In fact, the pay for these jobs is roughly half that of manufacturing jobs. The result is as simple as it is tragic: a startling bifurcation of the job market and an increasingly unequal and divided society. Once we see this, it becomes clear that neither of the two most commonly cited prescriptions -- the counter-cyclical approach to job creation by boosting investment and demand, or the path of educating more people for higher-paying knowledge-based jobs -- can work.
  • A successful jobs strategy must focus centrally on upgrading the content and improving the wages of this entire job category. That is what happened a century ago, when public policy shifted to protect workers' rights and line jobs in manufacturing, once considered dirty and dangerous and impossible to upgrade, became high-paid work.
  • service work and service workers are not just a necessary cost of doing business, part of the overhead, but a potential profit center. Service workers can produce real value and there's no reason that they can't have real careers.
  • make the upgrading of service jobs a key prong of America's next great job machine.
  • Most service firms are smaller, mom-and-pop operations. To bring them into the 21stcentury, the administration should develop strategies to help these smaller firms learn the advantages of seeing workers as sources of innovation and productivity gains.
  • This could be a modest, low cost public-private partnership, involving universities, community colleges, and industry groups, modeled perhaps along the lines of the old Agricultural and Manufacturing Extension programs. The administration should also consider using incentives to encourage companies to upgrade service jobs, which would have the added benefit of improving the overall productivity of the highly fragmented service sector -- the last great frontier of inefficiency in advanced economies -- lifting the productivity of the economy overall, while boosting wages and lifting consumer demand.
  • This wouldn't come for free. All of us would have to pay a little more to the people who clean our homes, take care of our kids and aging parents, cut our hair, and sell us our clothes. This is exactly what we did a half century ago to spur recovery, when we agreed to pay more to the workers who made our cars and appliances and were building our homes. The costs are so modest and widely spread that they are unlikely to derail any recovery. And the payoffs in terms of productivity gains and increased demand are surely worth it.
Omar Yaqub

GOVERNMENT OF SASKATCHEWAN SUPPORTS LABOUR RECRUITMENT MISSION TO IRELAND - Government ... - 0 views

gov.sk.ca/news

trades work government recruitment

shared by Omar Yaqub on 26 Apr 12 - No Cached
  • GOVERNMENT OF SASKATCHEWAN SUPPORTS LABOUR RECRUITMENT MISSION TO IRELAND Premier Brad Wall and Advanced Education, Employment and Immigration Minister Rob Norris will participate in a labour recruitment mission to Ireland in March 2012. The delegation will be comprised of Saskatchewan employers and supported by the Government of Saskatchewan. Immigration staff will support employers who are actively making job offers in Ireland at career fairs in Dublin (March 3-4) and Cork (March 7) where more than 9,000 qualified candidates in fields including trades and construction, engineering and health sciences are expected to attend. "The New Saskatchewan offers jobs, a high quality of life, and a welcoming environment to newcomers," Wall said. "We look forward to telling our story in Ireland. Immigration is helping sustain our economic momentum and enriching our cultural diversity." "There is a tremendous pool of qualified people in Ireland who are actively seeking opportunities abroad," Norris said. "The Irish Economic and Social Research Institute estimates 75,000 Irish are expected to emigrate in 2012 as unemployment in the country continues to rise. This mission will connect Saskatchewan employers with qualified candidates who are seeking to emigrate." Twenty-two employers have committed to participating in the mission with more than 275 vacancies on offer. Candidates who receive an offer of employment will work with immigration officers to apply to the Saskatchewan Immigrant Nominee Program (SINP). "With a record of economic growth, and one of the lowest unemployment rates in Canada, Saskatchewan is a place of opportunity," Norris said. "And we welcome these newcomers to discover the Saskatchewan advantage." -30- For more information, contact: Richelle Bourgoin Advanced Education, Employment and Immigration Regina Phone: 306-787-8153 Email: richelle.bourgoin@gov.sk.ca
Omar Yaqub

Reports || EEDC 2009 annual report - 0 views

www.edmonton.com/...EEDC_AR_Web2.pdf

eedc work trends

shared by Omar Yaqub on 01 Dec 10 - No Cached
  • Omar Yaqub on 01 Dec 10
     
    WorkforceEEDC's workforce development program continued forits fourth year in 2009. With industry, education andgovernment partners, EEDC addressed regional labourchallenges and helped to plan for anticipated increases in thedemand for skilled labour in 2010. The program supportedthe Edmonton Region Immigrant Employment Council, whichhelps immigrants gain experience working in Canada andprovides tools to help them find meaningful employment.Workforce development created opportunities for businessesand workers to connect through its enhanced web presenceat edmonton.com. The site informs employees aboutliving, working and educational opportunities in Edmonton.Employers were connected with programs designed toassist under-employed and unemployed segments of thelocal workforce. To address higher rates of unemployment,information was provided on how to access employmentopportunities in the Edmonton region. Productivity & Innovation Productivity improvements within the Edmonton regioncontinue to be a major focus for EEDC. Manufacturersand producers are experiencing increased internationalcompetition. With partners including the Government ofAlberta, we offer industry the opportunity to reviewbusiness processes, product improvements, evaluatenew markets, reinvent business models and explore newtechnological innovations.EEDC was actively involved in producing Reaching NewMarkets, a seminar that provided insights into new waysof growing business during challenging times. As part of aleadership development series, EEDC sponsored At the Speedof Trust by Stephen M.R. Covey at the Shaw ConferenceCentre in June. EEDC co-ordinated two best practicesmissions to Ontario in which corporate participants wereexposed to world-class manufacturers that have made greatstrides in productivity improvements.EEDC supported the heavy oil industry's National Buyer/SellerForum, which attracted 650 delegates from around the world,providing local companies the opportunity to sell into thein
Omar Yaqub

10 Percent Unemployment Forever? - By Tyler Cowen and Jayme Lemke | Foreign Policy - 0 views

www.foreignpolicy.com/...0_percent_unemployment_forever

work trends

shared by Omar Yaqub on 17 Jan 11 - No Cached
  • it's the sector in which the government has most directly intervened -- health care -- that has maintained the most robust job growth over the past two years, adding 20,000 new jobs in November alone.
  • it is harder to avoid the notion that a lot of those old jobs simply weren't adding much to the economy
  • The story runs as follows. Before the financial crash, there were lots of not-so-useful workers holding not-so-useful jobs. Employers didn't so much bother to figure out who they were. Demand was high and revenue was booming, so rooting out the less productive workers would have involved a lot of time and trouble -- plus it would have involved some morale costs with the more productive workers, who don't like being measured and spied on. So firms simply let the problem lie.
  • ...3 more annotations...
  • Then came the 2008 recession, and it was no longer possible to keep so many people on payroll. A lot of businesses were then forced to face the music: Bosses had to make tough calls about who could be let go and who was worth saving.
  • Note that unemployment is low for workers with a college degree, only 5 percent compared with 16 percent for less educated workers with no high school degree. This is consistent with the reality that less-productive individuals, who tend to have less education, have been laid off.)
  • rise of a large class of "zero marginal product workers," to coin a term. Their productivity may not be literally zero, but it is lower than the cost of training, employing, and insuring them.
  • Omar Yaqub on 17 Jan 11
     
    Indeed, it's the sector in which the government has most directly intervened -- health care --
Omar Yaqub

In-migration key to Alberta's inflation fight | Troy Media Corporation - 0 views

www.troymedia.com/...ey-to-albertas-inflation-fight

alberta work trends competitiveness

shared by Omar Yaqub on 25 Mar 11 - No Cached
  • Labour costs can’t be avoided Why are local labour markets key to containing inflation? When demand picks up in Alberta, imported goods can simply be ramped up as well. The cost of a Toyota didn’t change significantly in ’08, for instance. Conversely, the cost of a haircut, building a high-rise or an up-grader all increased substantially. High labour costs for non-tradable goods and services simply can’t be avoided.
  • We’re not yet at the point where the Alberta labour market is strained because  natural gas is still down and governments have cut back so the added activity can likely be accommodated without causing wages to spike. Unfortunately, that can change quickly. Thankfully, while confederacy doesn’t always lead to an optimal interest rate for western Canada, it does provide a pressure release valve through inter-provincial migration.
  • People relocate for a variety of reasons (family, education, etc.), but, typically, there are three main economic drivers: wages, cost of living and the unemployment rate, which are all linked to one another. For instance, what’s the point of having a higher average wage if it is entirely eaten up by higher living expenses, and wages might be higher in another province, but if they’re not hiring there’s not much point relocating.
  • ...5 more annotations...
  • There really hasn’t been a whole lot of migration over the past couple years but, going forward, this might change as the above-mentioned factors are starting to turn in Alberta’s favour. Relative to Ontario, over the past year the wage premium has been consistently over 10 per cent, the unemployment rate has been on average 2.5 percentage points lower, and housing affordability indices show that relative affordability has significantly improved in Alberta as well.
  • The average wage in Alberta was four per cent higher than in Ontario in 2006 but is 11 per cent higher now.
  • Idle Americans could help labour shortage
  • Currently idled American trades people will likely fit that bill quite nicely if enough Canadians don’t relocate.
  • Lastly, Alberta is certainly in a better position to accommodate any influx now than it was in the 2006-08 period, given higher rental vacancy rates and lower residential construction activity. Who knows? Maybe, for a brief period anyway, Alberta will actually find that elusive sweet spot between growth and inflation.
Omar Yaqub

Why Are Some Cities Happier Than Others? | www.theatlantic.com | Readability - 0 views

www.readability.com/...yepsuhkv

happiness

shared by Omar Yaqub on 23 Mar 11 - No Cached
  • My own research has documented the connection between a large-scale presence of the creative class of workers -- people who work in science and technology; business and management; arts, culture and entertainment; medicine and education -- and the prosperity of cities. But it's about more than prosperity. Once a certain threshold of income is met, our research finds, the work people do plays a substantial role in their happiness, over and above the effect of income at the national6, state7, and city8 levels. Our findings here reinforce and confirm this conclusion. There is a substantial positive correlation between city happiness and the share of creative class jobs (.5) and a significant negative one between well-being and the share of working class jobs (-.4).
  • composition of city job markets plays a considerable role in our sense of well-being as well.
  • cities with more blue-collar economies have been among the hardest hit by the economic crisis. Unemployment is high, incomes are lower.  Workers in these kinds of jobs have faced much greater trouble finding new jobs (the unemployment rate for production workers is 10 percent; for construction workers it tops 20 percent). Not only do these workers have skills and incomes which are tied to their specific jobs, many in these areas are trapped in underwater homes and unable to relocate to areas with more work and greater opportunity:  Hardly a recipe for happiness
  • ...1 more annotation...
  • Americans are divided by their sense of happiness and well-being as well. Along with everything else that polarizes us, America increasingly faces an increasingly unequal geography of class and happiness.
Omar Yaqub

Jobs and Structure in the Global Economy by Michael Spence and Sandile Hlatshwayo - Pro... - 0 views

www.project-syndicate.org/...English

work trends

shared by Omar Yaqub on 17 Mar 11 - No Cached
  • The US economy did not have a conspicuous unemployment problem until the crisis of 2008 because the non-tradable sector absorbed the bulk of the expanding labor force. That pace of employment growth now appears unsustainable. Government and health care alone accounted for almost 40% of the net increment in employment in the entire economy from 1990 to 2008. Fiscal weakness, a resetting of real-estate values, and lower consumption all point to the potential for long-term structural unemployment.
  • Restoring elements of manufacturing competitiveness is hard. Once skilled labor, training programs, and technical institutions in specific industries are gone, it is difficult to get them back. Long-term policy should include an evolving assessment of competitive strength and employment potential across sectors and at all levels of human capital, with the goal of encouraging market outcomes that achieve social objectives.
Omar Yaqub

Job bank to fast-track skilled immigrants - 0 views

www.edmontonjournal.com/...story.html

work immigrants alberta tfw government canada

shared by Omar Yaqub on 09 Apr 12 - No Cached
  • federal government plans to create a global job bank to bring in more skilled foreign workers, while using a new technique to end the "bizarre" situation where low-skilled temporary foreign workers are hired in Canadian communities with double-digit unemployment, Immigration Minister Jason Kenney said Friday.
  • at least two years to implement, according to Kenney.
  • Every application from a prospective skilled foreign worker will go into an online pool, and provincial governments and employers will have the ability to cherry-pick potential employees who will have their applications fast-tracked.
  • ...1 more annotation...
  • Thursday's budget includes the promise of stricter provisions requiring employers to show they've made clear to local people making Employment Insurance benefit claims that there are jobs available.
Omar Yaqub

New labour crunch expected - 0 views

www.edmontonjournal.com/...story.html

work alberta statistics trends

shared by Omar Yaqub on 10 Jan 11 - Cached
  • Alberta isn't far away from a labour shortage worse than the one it suffered during the last boom, says the head of a provincial business group.
  • The problem with the unemployment rates that are published on StatsCan or the Government of Alberta is they're taken in such large census districts, they can't tell where there (are), in fact, currently labour shortages," Kobly said.
  • Most of the job gains occurred in the professional, scientific and technical services category, which added 13,300 jobs; and in the forestry, fishing, mining, oil and gas category, which added 6,100.
  • ...1 more annotation...
  • Industries losing jobs included educational services (8,800); health care and social assistance (6,900); and finance; insurance, real estate and leasing (4,800).
Omar Yaqub

Outsider report card on Alberta's workforce strategy « Global Leadership Asso... - 0 views

www.global-leadership.ca/...on-albertas-workforce-strategy

work edmonton

shared by Omar Yaqub on 11 Feb 11 - No Cached
  • vision statemen
  • 1. Unleashing innovation.2. Leading in learning.3. Competing in the global marketplace.4. Making Alberta the best place to live, work and visit.
  • top strategies:• A Learning Alberta – basing Alberta’s growth on the knowledge industry• Securing Tomorrow’s Prosperity: Sustaining the Alberta Advantage – transition to a knowledge-based and value-added economy• A Place to Grow – linking rural economic development with educational attainment levels• Strengthening Relationships – Working strategically to strengthen partnerships between First Nations, Metis and Aboriginal peoples.• Supporting Immigrants, Immigration to Alberta and Integrating Skilled Immigrants into the Alberta Economy – attraction, development and retention of immigrants into Alberta• Growing our Future – integrating life-sciences strategies into innovation and some value-added sectors
  • ...7 more annotations...
  • emphasizing a high performance workforce and a high performance work environment.
  • Investment in innovation and skills upgrading are key tofinding employment in Alberta in the coming years.• Labour supply pressures will resurface for some occupationsin the medium and long term due to Alberta’s agingpopulation.• Medium to long term labour force planning should continueto ensure Alberta has the skilled labour force it requires inthe future.
  • people who are targeted for the BETW initiative are youth, women, people with disabilities, immigrants, Aboriginal populations and minorities
  • common complaint was the expense of upgrading, re-training or accessing professional association tests for immigrants who were struggling to have their credentials recognized.
  • job loss due to the recession has been hardest on men in male dominated professions, Aboriginal youth and in agriculture, finance, insurance, real estate, leasing, manufacturing, construction and retail industries. Job increases were observed in health care, social work, information, culture and recreation,
  • the reality of the situation is more troubling and complex than recent BETW evaluations would have us believe
  • From the Advanced Education labour market report, unemployment recession effects are felt strongly by those very groups targeted for benefit from the strategy
Omar Yaqub

The economy of 2016 needs our attention too - The Globe and Mail - 0 views

www.theglobeandmail.com/...article1863784

trends canada competitiveness work

shared by Omar Yaqub on 14 Feb 11 - No Cached
  • we usually treat productive capacity as fixed, and worry about making full use of it
  • Turnover in the labour market is almost as rapid. In a previous Economy Lab post, I noted that the typical flows in and out of employment are much larger than the net flows. Roughly a quarter of a million people enter and leave the workforce each month; the net change in December was an increase of 22,000.
  • These are not all the same people going in and out of unemployment: roughly half of those employed have been with their current employer for five years or less. Even among workers 55 and older, 40 per cent have had the same job for ten years or less. The data from the 1970s are similar, so this mobility is not a new phenomenon.
  • ...1 more annotation...
  • Surprisingly little of the economy of 2016 is currently in place. Most of the equipment that will be in place five years from now has yet to be purchased, and half of the workers who will be using it have yet to start in their jobs.
Omar Yaqub

America's recovery: The new new normal | The Economist - 0 views

www.economist.com/...americas_recovery

work

shared by Omar Yaqub on 04 Mar 11 - No Cached
  • if the new normal was slow growing employment, the new new normal is a slow growing labour force. Put the two together and the unemployment decouples from the overall health of the economy. Why? Perhaps the Great Recession has permanently diminished work opportunities for big swathes of the work force, in particular prime-age men. Perhaps America is now experiencing an echo of what older Europe and Japan already have: a demographically driven slowdown in potential growth. Or perhaps it’s one of those temporary statistical mysteries that will disappear soon.
Omar Yaqub

Why US productivity can grow without killing jobs - McKinsey Quarterly - Economic Studi... - 0 views

www.mckinseyquarterly.com/...grow_without_killing_jobs_2748

productivity work competitiveness

shared by Omar Yaqub on 10 Mar 11 - No Cached
  • Does higher productivity destroy jobs? Sometimes, but only in the very short term, considering US economic performance over the past 80 years. In fact, every ten-year rolling period but one since 1929 has seen increases in both US productivity and employment. Even on a rolling annual basis, 69 percent of periods have delivered both productivity and jobs growth (Exhibit 1). Over the long term, apparently, it’s a fallacy to suggest that there’s a trade-off between unemployment and productivity. These are among the key findings of the latest report from the McKinsey Global Institute, Growth and renewal in the United States: Retooling America’s economic engine. We are optimistic about productivity because it isn’t only about efficiency; it is no less about expanding output through innovations that improve the performance, quality, or value of goods and services. What’s more, even productivity solely from efficiency gains can, in the aggregate, lead to higher employment if the cost savings are put back to work elsewhere in the economy. Companies can pass on those savings to their customers in the form of lower prices, leaving households and businesses with more money to spend elsewhere. They can also reinvest savings from more efficient operations in new job-creating activities.
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