Posts Tagged ‘unemployment’
Tags: banks, cartoon, Cuba, deregulation, gas, healthcare, inflation, jobs, McDonald's, stock market, unemployment, wages, Wall Street
Tags: chart, Europe, Greece, unemployment
The profound economic and social crisis in Greece continues unabated.
According to a new report from the International Labour Organization [pdf], the share of Greek workers who have been unemployed for more than one year reached more than 70 per cent in last quarter of 2013.
Moreover, given the length of the downturn, the rise in long-term unemployment has been accompanied by an increase in the severity of unemployment duration, with nearly one in two unemployed workers having been without a job for more than two years and one in five without a job for four years or more.
For the EU-28 as a whole, workers who have been unemployed for over two years reached 29 percent of the total number of those who have been laid off.
Tags: benefits, chart, part-time, poverty, Second Great Depression, unemployment, workers
According to CNN Money [ht: ja], the number of people working part-time involuntarily is more than 50 percent higher than when the current economic crises began.
Paige Stevenson is caught in the part-time job trap. She started working six months ago as a legal assistant for 30 hours a week in Annapolis, Maryland, a state where involuntary part-time has doubled since the recession began. She keeps trying to find something full-time.
Stevenson accepted her current position as a “stop-gap” measure because she had been unemployed for a while and wanted to get back into the workforce any way she could. She earns $15 an hour and receives no benefits, but her husband’s technician job provides health care for the family.
After taking into account daycare for her 4-year old son, a home mortgage and the cost of living near Washington D.C., she is in debt.
“When you’re dealing with part-time jobs, they’re basically dead ends,” Stevenson, 32, says, “Employers, at least around here, have been asking for the moon and paying zero.”
Many of those working part-time when they prefer to have full-time employment are being forced to have the freedom to stay as long as possible in dead-end jobs. They are also more likely to live at or below the poverty line, to be laid off and go through extended periods without any job at all, and to work without any benefits (such as paid sick leave, vacation days, job training, or health insurance).
The high number of involuntary part-time workers are a sure sign we’re still in the Second Great Depression.
OK, so I lied. Here’s another post before I leave town. . .
Nick Bunker writes about Alan Blinder’s research on “petrified paychecks” and the correlation between unemployment and inequality.
High levels of unemployment are associated with high levels of income inequality. Blinder charts the unemployment rate over the years against the change in the Gini coefficient, a common measure of inequality, for each year. He finds a positive correlation between the two. That is, inequality increases when unemployment is high. He also point out that data from 1968 to 2012 show inequality has rarely fallen when the unemployment rate is above 6 percent.
Tags: Australia, chart, education, Europe, precariat, training, unemployment, United States, youth
According to UNICEF, the latest crisis of capitalism has hit 15-24 year olds especially hard, with the number of young people who are not participating in education, employment, or training rising dramatically in many countries. In the European Union 7.5 million young people (almost equal to the population of Switzerland) were classified as NEET in 2013—nearly a million more than in 2008.
The largest absolute increases were in Croatia, Cyprus, Greece, Italy, and Romania, all with relative changes of around 30 per cent or higher.
Of the OECD countries that are not in the European Union, the United States saw the largest increase in the NEET rate (from 12 to 15 percent), followed by Australia (9.9 to 12.2 percent).
As the authors of the UNICEF report explain,
Unemployment among adolescents and young adults is a significant long-term effect of the recession. Among those aged 15–24, unemployment has increased in 34 of the 41 countries analysed. Youth unemployment and underemployment have reached worrying levels in many countries.
Even when unemployment or inactivity decreases, that does not necessarily mean that young people are finding stable, reasonably paid jobs. The number of 15- to 24-year-olds in part-time work or who are underemployed has tripled on average in countries more exposed to the recession. Contract work has become more common, contributing to the general precariousness of labour markets.
These young people, because of the conditions of unemployment and precarious employment that have been imposed on them, constitute a lost generation
Tags: chart, children, EITC, food stamps, measurement, poverty, recession, safety net, unemployment, United States
A new UNICEF report shows that 2.6 million children have sunk below the poverty line in the world’s most affluent countries since 2008, bringing the total number of children in the developed world living in poverty to an estimated 76.5 million.*
In 23 of the 41 countries analyzed, child poverty has increased since 2008. In Ireland, Croatia, Latvia, Greece, and Iceland, rates rose by over 50 per cent.
In the United States, the overall poverty rate for children rose from an already high 30.1 percent in 2008 to 32.2 percent in 2012.
The report also explains that, in recent decades, the social safety net in the United States has favored the working poor more than the out-of-work poor. Thus, for example,
Among those at or below 100 per cent of the poverty threshold, a large decrease in earned income and TANF in 2010 is offset by large increases in food stamps and the EITC. There was also a modest increase in unemployment insurance. For this group as a whole, the increase in child poverty was lower during this recession than it was in 1982.
For those at or below 50 per cent of the poverty threshold – the extreme poor – the story is somewhat different. Panel B still shows a large decrease in earned income and TANF and a large increase in food stamps, but it also shows a much smaller increase in the EITC and a slight decline in unemployment insurance, in contrast with the situation of the regular poor.
This highlights how the United States safety net has changed to provide more support for poor working families and less for the extreme poor with no work. As a result, extreme child poverty has also increased more in this recession than in the recession of 1982, indicating that the safety net was stronger for the poorest children 30 years ago.
*The UNICEF report uses a fixed reference point, anchored to the relative poverty line in 2008, as a benchmark against which to assess the absolute change in child poverty over time. This change is calculated by computing child poverty in 2008 using a poverty line fixed at 60 per cent of median income. Using the same poverty line in 2012, adjusted for inflation, the rate is computed and the difference in the two rates is shown. A positive number indicates an increase in child poverty. (Using a relative poverty line each year would obscure the impact on poverty of an overall decline in median income. In the United Kingdom, for example, relative child poverty decreased from 24 per cent in 2008 to 18.6 per cent in 2012 due to a sharp decline in median income and the subsequent lowering of the relative poverty line. Using the anchored indicator, it actually increased from 24.0 per cent to 25.6 per cent from the start of the recession.)
Tags: capitalism, China, commodity fetishism, Liu Bolin, public art, unemployment
Chinese artist Liu Bolin makes himself invisible and, in doing so, makes visible two key aspects of capitalism: commodity fetishism (“Hiding in the City – Puffed Food”) and unemployment (“Hiding in the City No.18 – Laid Off”).