Global Talent Update - October 2017

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Ireland's unemployment figure dipped year-over-year in September 2017. In August, the rate was 6.1 per cent, and no change occurred the following month, according to the Ireland Central Statistics Office. However, in September 2016, the rate was 7.5 per cent. Month-over-month figures for both male and female unemployment produced declines.

In terms of unemployed individuals, the September figure stood at 133,200. On a yearly basis, the September total represented a decline of more than 31,000 people. While the monthly comparison for the rate remained unchanged, the number of unemployed people dropped from August to September, falling from 133,400.

In the Netherlands, employment saw a rise in September 2017. Specifically, Statistics Netherlands cited an increase in employment among individuals aged 15 to 74. Among these people, 8.6 million held paid positions in September. This figure represented growth of 21,000 individuals landing a job over the three months leading up to September.

With regard to unemployment, the data recorded a decline compared to the previous end-of-quarter findings. By June's conclusion, the unemployment rate was 4.9 per cent. September statistics showed a rate of 4.7 per cent, accounting for 422,000 unemployed individuals in the 9 million-person labour force.

Data compiled by Switzerland's Federal Statistical Office noted an increase in unemployment between 2011 and 2016. Exceptions to this trend included Eastern Switzerland and Ticino, with their rates declining to 3.4 per cent and 6.4 per cent, respectively. Meanwhile, the country's northwestern and central regions recorded noticeable rises over the five-year review period.

Among issues noted in the labour market indicators, the FSO cited problems with recruitment. Specifically, hiring for staff with vocational or university degrees presented challenges from 2011 to 2016.

The latest labour market supply and demand data from Israel showed job vacancies went up in the second quarter of 2017. Specifically, between that period and the previous three-month span, the average number of vacancies grew from 96,100 to 106,700.

Supply exceeded demand as the year's first half concluded, with supply beating demand 19 to 10. This ratio was only a slight dip from the last quarter, which showed a 2 to 1 relationship. Across industries, distribution management, construction, mining and manufacturing produced the highest shortage of jobs compared to applicants. On the other hand, job seekers had more opportunity in building frame and similar work, as well as engineering and science fields, among others.

Asia-Pacific

Japan's recent election saw voters choosing to stick to the current prime minister with an eye toward a future of better job security.

Prime Minister Shinzo Abe of the Liberal Democratic Party (LDP) garnered support from the country's youth, with some voters expressing the need for a more stable future, according to the Nikkei Asian Review. His win could allow him to be the nation's longest-serving leader.

Stable employment seemed to be a main focus for the 20-something voters, stated Jakob Edberg, which is also one of the elements in the prime minister's approach toward the economy, something he has branded as 'Abenomics.'

"The manifestation of Abenomics is the abundance of job opportunities - close to 98% of students got jobs directly after graduating from university this spring, the highest rate ever," Edber said in the Nikkei Asian Review.

While Japan's unemployment rate remains low, the prime minister will need to focus on flat wages since the country's economy has grown in the past six straight quarters, reports Reuters.

In Thailand, the economy got a boost thanks an increase in exports of agricultural and manufacturing products.

According to Live Trading News, Thailand's Commerce Minister Apiradi Tantraporn said the country's exports increased 12.2 per cent in September thanks to more demand for manufacturing products.

Tantraporn attributed the increase to many factors that included the improving economies of trading partners (like China and Japan), rising prices of commodities and her ministry's marketing campaigns, reports the Bangkok Post.

Looking toward 2018, Thailand is also focusing on a large construction project that would call for a 1.5 trillion baht investment and look to build new infrastructure to the eastern seaboard, states Bloomberg.

Secretary-General Kanit Sangsubhan told the news service construction could begin next year. "We want to make sure everything is ready by the time the new government comes in."

According to the proposal, within the first five years the plan would invest 200 million baht into the U-Tapao International airport, 10.2 million baht in the Map Ta Phut port, and 400 million baht in new cities and hospitals.

Americas

September 2017 produced dips in the U.S. national unemployment rate. The figure stood at 4.2 per cent, according to the Bureau of Labor Statistics. For the month-over-month and year-over-year comparisons, the declines were 0.2 and 0.7 percentage points, respectively.

The BLS cited 11 states that showed unemployment declines month to month and 22 with similar activity on a yearly comparison. Alabama topped the list for monthly and annual deceleration in unemployment, with its rate falling 0.4 percentage points between September and August and 2.2 points from September 2016 to September 2017.

Most states remained unchanged for each stretch. The largest increase across both comparisons was South Dakota, which climbed 0.5 percentage points on the yearly scope.

With regard to job creation, more than half of all states added nonfarm payroll positions between September 2016 and 2017. The month-to-month figures were more modest. Only five states, including California, Indiana and Washington, produced more of these jobs from August to September.

Through the three-month period that ended in August, Peru added 445,400 jobs, according to the Instituto Nacional de Estadistica Informatica. This change prompted a 2.8 per cent rise in the number of employed individuals in the country. Urban areas saw the greatest increase in jobs, giving positions to more than 392,000 people. Meanwhile, rural parts of Peru added 54,000 people to the workforce.

With regard to the national unemployment rate, the three-month span ended in August didn't show a change quarter to quarter. It remained at 4 per cent. However, the rate of people actively seeking employment hit a four-month low. Overall, Peru's population of employed persons exceeded 16.7 million.

Chile experienced a drop in its unemployment rate across the three months ended August 2017. By the end of that period, the rate was 6.6 per cent, representing month-over-month and year-over-year deceleration, as reported in Instituto Nacional de Estadisticas data. For comparison, the employed rate was 55.6 per cent. The agency pointed to a rising employment rate for the change. While the labor force expanded only 2.1 per cent, the share of employed individuals rose 2.3 per cent. Healthcare positions provided the largest stimulus among all industries.

Another factor aiding the positive employment situation was a jump in the participation rate. While the share of unemployed persons declined, the portion of Chileans participating in the labor force rose 0.2 percentage points.

 

 

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