The most recent jobless and economic figures are in, showing mixed results in different regions. In this first week of June: the latest unemployment and GDP results from around the world and a good reminder to treat job candidates like customers.1. Unemployment Rate Jumped in May but Pace of Job Losses Slows (Wall Street Journal)
Jobless figures released today for May indicate that the U.S. job market isn't falling as much as it had been previously--a loss of 345,000 nonfarm payrolls this month is the lowest figure since September 2008. However, overall unemployment climbed to 9.4%, the highest level since August 1983. There are some positive signs in these record numbers: construction employment saw its smallest decline in months; education and healthcare added jobs; and temporary employment, which economists take as a positive signal for future employment prospects, fell by only 6,500, the lowest in many months.
2. Jobless Rate in Europe Rises Further (The New York Times)
Unemployment in the European Union, which includes the 27 members of the EU, increased 0.2% since March to 8.6% in April. The Euro-zone unemployment rate (for the 16 countries that use the euro) rose to 9.2% in April, the highest in 10 years. Economists fear the worst is yet to come, citing the labor market typically lags behind many economic indicators and unemployment may continue to rise after a downturn. The highest EU unemployment rates were seen in Spain (18.1%) and Latvia (17.4%), while the lowest unemployment rates were seen in Netherlands (3%) and Austria (4.2%).
3. Canadian Economy Shrinks Less Than Feared in First Quarter (Financial Post)
GDP figures released by Statistics Canada on Monday confirm that Canada is, by definition of two consecutive quarters of negative growth, in a recession. Wages and other income declined by 2.7%, the first fall since 1982. While job loss has been substantial, it doesn't appear to be widespread, but concentrated in certain regions and industries, such as construction and manufacturing. Overall, the economy did not shrink as much as anticipated by analysts.
4. Australia's Economy Returns to Growth (The Wall Street Journal)
Contrary to last week's feature article stating fears of a recession in Australia, figures released this week show that Australia's economy grew in the first quarter of 2009. Australia avoided a technical recession (by definition) because a boost in trade offset declines in business investment and profits. Prime Minister Rudd and economists are weary to declare that Australia is safe from the global recession, pointing to the possibility of higher unemployment and the unlikely scenario of seeing rapid growth in the near future.
5. Be Nice to Job Candidates (They're Shoppers, Too) (New York Times)
This week's article in the New York Times reaffirms Todd's blog post several weeks ago: companies that treat their candidates well during the hiring process, especially during these tough economic times, are rewarded with better talent and better perceptions about the company overall. Some companies, including Southwest Airlines and Nabisco, recognize that candidates are also consumers and continue to "roll out the red carpet" (so to speak) to ensure no applicant feels inferior or rejected even when an oversupply of applicants exists.
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