Global Talent Update - November 2015

GlobeEurope, Middle East and Africa

Countries throughout Europe, the Middle East and Africa recently experienced a range of changes to their employment situations. While some nations saw their job markets grow stronger, others had difficulty maintaining solid economic footing.

Ireland's jobless average fell to 8.9 per cent at the end of October, the lowest rate the country has seen in seven years. The Herald & Review explained that growth was visible in nearly every sector, but was especially prominent in the construction industry, which had been struggling in previous months. Additionally, the country revealed its plan to invest 2.8 billion euros in new schools. Not only will this increase hiring in the education field, but it will add even more construction positions to the economy.

Germany's unemployment rate reached 6 per cent in October, down from 6.2 per cent the previous month. This is the lowest jobless average the nation has seen since November 1991, explained Deutsche Welle, with fewer than 2.7 million German residents seeking work. While an increase in refugees may cause this average to tick up in the coming months, for now economists expect the country's labour market to remain relatively stable.

Egyptian unemployment was on the rise in the third quarter of this year, climbing to 12.8 per cent from 12.7 per cent in the previous quarter. Daily News Egypt reported that, despite this uptick, Egypt has seen notable improvements over the past 12 months. From a year-on-year perspective, the country's unemployment rate declined by 0.3 per cent.

Unemployment continued to climb in South Africa, going from 25 per cent in the second quarter to 25.5 per cent in the third. Reuters Africa reported that 5.4 million South Africans were seeking work during this year's third quarter, while 5.23 million were searching for employment in the three months to June.

Asia-Pacific

Throughout Asia, many nations recently experienced positive changes to their employment situations, while others struggled to maintain consistency.

New data from China shows that the country's unemployment rate hit 4.05 per cent at the end of September. This rate, which only takes into account urban areas, increased by 0.01 per cent over the summer, as it hit 4.04 per cent at the end of June, reported China Daily. Still, these figures are very much on par with the government's labour goals. The source noted that leaders had hoped to keep the unemployment average below 4.5 per cent and create at least 10 million jobs. As of September, 10.66 million positions had already been created.

South Korea experienced growth in its job market, explained Shanghai Daily. The number of residents with jobs reached 26,298,000, demonstrating a year-on-year increase of 348,000. The nation's unemployment rate reached 3.1 per cent, which is the lowest average the country has seen since 2013. Youth unemployment dropped by 0.6 per cent to 7.4 per cent.

The labour situation in Japan stayed relatively stable in September, the latest data reveals. The Financial Times reported that the jobless average remained unchanged between August and September, staying at 3.4 per cent. The country has also been experiencing high rates of available positions, which indicates that the jobless average could continue to fall before 2015 is over.

Americas

Employment has varied greatly throughout the Americas recently. As some countries churn out large amounts of new jobs, others are seeing unemployment rates tick up.

According to the latest Employment Situation Summary from the U.S. Bureau of Labor Statistics, the nation added 271,000 positions in October and maintained an unemployment rate of 5 per cent. The most gains were seen in the professional and business services sector, which added 78,000 new jobs. Other fields that increased their workforces include healthcare, retail, food services and construction.

Employment in Canada was strong in October, exceeding economists’ predictions for approximately 10,000 jobs. The Financial Post reported that more than 44,000 jobs were added, carrying the total number of employed to more than 18 million for the first time. The unemployment rate also fell slightly from 7.1 per cent to 7 per cent. Public administration experienced the most gains, adding 32,000 jobs. Other industries that experienced growth were wholesale and retail trade, accommodations and food services, and healthcare and social assistance.

Mexico saw its unemployment rate fall recently, as it declined to 4.23 per cent in September from 4.32 per cent in August. The International Monetary Fund explained that the nation's economic growth is expected to hit 2.2 per cent by the end of this year, and will likely reach 2.5 per cent during the start of 2016.

Brazil's unemployment rate found relative stability in October after months of increases, reported The Rio Times. While the average technically increased from 7.6 per cent in September to 7.9 per cent in October, economists consider this to be a largely insignificant shift when looking at Brazil from a big-picture perspective. However, the jobless average has skyrocketed since October 2014, when it rested at 4.7 per cent.