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Effects of Offshoring on Home Employment and Skill Upgrading

Offshoring continues to be a controversial issue in many developed countries. This column provides evidence from Japan and argues that policymakers should not worry too much about the loss of jobs; while unskilled jobs are offshored, they are replaced with skilled jobs, leading to a more productive use of the domestic labour force.

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A New Report Says Youth Joblessness to be Persistent for Many Years to Come

“An analysis by the nonprofit, nonpartisan group YoungInvinciblesasks what kind of employment prospects young Americans can look forward to over the next decade. Its conclusion: Bleak.

The report, ” No End in Sight? The Long-Term Youth Jobs Gap and What It Means for America,” says that though the present looks bad for young job-seekers, the future could be worse. Further, it questions whether employment for the young will ever return to what it was before the recession. (The Bureau of Labor Statistics in 2010 expressed a similarly gloomy view.)”

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OECD Warns of Long-Term Damage to Unemployed

“The rate of unemployment in developed economies will remain high for longer than previously expected, increasing the risk that a growing number of workers will find themselves permanently marginalized in the jobs market, the Organization for Economic Cooperation and Development said Tuesday.”

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YARDENI: The Outlook For US Jobs Is Not As Bad As You Think

“The latest US employment indicators weren’t all as bad as the official report released on Friday.
The unseasonably warm weather earlier this year undoubtedly boosted payrolls during Q1, when they rose by 225,670 per month on average. That probably contributed to the slowdown during Q2 to 75,000 per month on average.”

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Senate Dems Propose a Tax Break Bill to Create New Jobs in America

Senate Democrats plan a vote next month on a proposal to give a tax break to companies that bring jobs and investment to the U.S and deny a deduction for those moving jobs out of the country.

The bill, sponsored by Debbie Stabenow of Michigan, will probably reach the Senate floor after lawmakers return from their July 4 recess, said Adam Jentleson, a spokesman for Senate Majority Leader Harry Reid, a Nevada Democrat.”

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A Closer Look at Today’s Jobless Claims

“More Americans sought unemployment aid last week, suggesting hiring remains sluggish.

The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000. The increase came after the government revised the previous week up to 380,000.

The four-week average, a less volatile measure, rose for the third straight week to 382,000. That’s the highest in six weeks.”

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State of the Union: Only 1 in 10 Long-Term Unemployed Find Work

“NEW YORK (CNNMoney) — We all know by now that it’s hard for the long-term unemployed to get back into the workforce.

But just how hard is it? Economists at the San Francisco Federal Reserve put a number on the odds.

In the first few weeks after losing their jobs, about 3 in 10 people are able to find work.

But after about a year of being out of work, the chances of landing a job fall to just 1 in 10 per month.

People with the best job prospects tend to find new opportunities fairly quickly. But those who come from industries that are downsizing or who have outdated skills can wind up unemployed for many months or even years.”

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