By looking at a comprehensive and detailed set of macroeconomic and
labour market indicators across 30 countries, the Hays Global Skills Index puts into context the challenges employers will face as they compete for the most sought after skills.
The Office for National Statistics's latest bulletin backs up Cameron's claim that the number of people seeking work has risen by 23,000 (see headline
labour market indicators, page 1).
Unfortunately,
labour market indicators are frequently considered a lagging economic indicator.
It is surprising especially given that the evidence from other
labour market indicators is mixed.
While there have been improvements in
some labour market indicators, the number of people who have been unemployed for over a year has remained frustratingly high since the end of the recession, as shown in the graph below.
Not exact matches
«These changes will reflect the relative value Canadian employers place on foreign work experience, and redirect points to language and age factors, which are better
indicators of success in the Canadian
labour market.»
Indicators of
labour shortages suggest that
labour market slack remains but is no longer widening.
While the near - zero balance of opinion suggests that
labour market slack remains, the
indicator has continued to improve gradually since the oil price shock, as conditions in affected regions have bottomed out.
(SOURCE: Womenable tabulation from the International
Labour Organisation's 2015 Key
Indicators of the
Labour Market report)
Van Loan and Flaherty didn't mention the employment rate, which many economists believe is a better
indicator of the health of the
labour market than simply the number of jobs created.
Subsequently, with continuing strong activity
indicators, stretched
labour markets and signs of possible pipeline price pressures (although core consumer prices remain benign), the Federal Reserve tightened monetary policy by 25 basis points to 5 per cent in June and then 5.25 per cent in August (Graph 5).
The lesson is that both underemployment and
labour - force participation are important
indicators to understand
market dynamics.
The Canadian
labour market beat expectations and performed strongly in 2017 based on various
indicators, specifically job creation and the unemployment rate.
Despite rising employment and participation rates, other
indicators point to ongoing — albeit diminishing — slack in the
labour market, the central bank said.
For instance, an example of an
indicator that is frequently used to determine whether an economy is in recession is the
labour market.
Forward
indicators of the
labour market remain reasonably positive.
Forward
indicators in the
labour market also point to some firming in
labour demand.
Most
labour cost
indicators suggest that wages growth edged up in the second half of 2003, consistent with signs that
labour -
market conditions remain firm.
The second anomaly is that all four national accounts
indicators show a «mini recession» during calendar 1977 which is less apparent in the
labour market and manufacturing
indicators.
This is consistent with other
indicators pointing to relatively tight conditions in the
labour market (as discussed in the chapter on «Domestic Economic Conditions»).
A strong
Labour market is crucial for US dollar strength after a string of softer than anticipated macroeconomic
indicators throughout February cooled expectations surrounding US growth prospects.
«I think he'll be very cautious about wanting to use unemployment and the
labour market as an
indicator of underlying strength,» Balls tells me.
«I think he'll be very cautious about wanting to use unemployment and the
labour market as an
indicator of underlying strength,» Balls told me.
The
indicator that most frequently showed an increase is overall «wage pressure»; a sign of
labour market stress.
Each
indicator measures how much pressure different factors are exerting on the local
labour market.
The Hays Global Skills Index, a statistical - based study assessing the dynamics of skilled
labour markets across key countries, looks at seven
indicators when calculating the overall index score for each country.
Several Asia Pacific countries are forecast to have higher rates of
labour market participation in 2017 compared to 2016, and this has contributed to a decline in the
labour market participation
indicator score.
Despite a modestly rising economic growth rate, higher talent mismatch
indicator scores and a declining supply of
labour — which would otherwise lead to a more pressured
labour market — the Index score for Europe and the Middle East is 5.4 this year, down slightly from 5.5 last year.
Each
indicator measures pressure in the local
labour market now relative to a period of economic tranquillity.
The score is calculated through an analysis of seven equally weighted
indicators, each covering different dynamics of the
labour market, such as education levels,
labour market flexibility and wage pressures.
This is the second year that we have collaborated with Oxford Economics to publish the Hays Global Skills Index, a comprehensive
indicator of the state of the
market for skilled
labour.
The Hays Global Skills Index 2013 measures several key
indicators that determine a country's skill shortages including strength and resilience of its economy,
labour market health, quality and flexibility of education, and the demand and supply of
labour (particularly in high - skills industries and occupations).
To give a complete picture of each country's
labour market, our seven
indicators are chosen to highlight supply - side issues, demand - side issues, or both supply - and demand - side issues relating to the hiring of skilled workers.
However, it's expected this particular
indicator could increase again in future years due to Singapore's rapidly ageing population and
labour market pressures due to the stringent work visa measures in place on foreign nationals.
Survey to produce quarterly
labour force estimates and occasional reports on special social topics, providing estimates on short - term
indicators of the
labour market (employment, unemployment, etc), as well as information on other social topics such as atypical work and crime.