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Monster Buys Yahoo HotJobs Assets

Monster Yahoo HotjobsMonster Worldwide, Inc. has acquired the assets of Yahoo HotJobs from Yahoo for $225 million in cash. Monster and Yahoo have also entered into a three agreementin which Monster will become Yahoo's provider of career and job content on the Yahoo! homepage in the United States and Canada.

"HotJobs with its significant customer base plus the traffic agreement are an ideal complement to Monster's innovative recruitment solutions and global reach," said Sal Iannuzzi, chairman, chief executive officer and president of Monster Worldwide. "These agreements, combined with Monster's career Communities and our recently introduced 6Sense™ semantic search technology, will bring substantial new benefits for employers seeking more qualified candidates and job seekers searching for more relevant opportunities across a wider range of industries - globally."

The move will make Monster an even bigger jobs site and will allow Yahoo to exit the jobs business while still showing job opportunities (now from Monster) on yahoo.com.

Posted on February 3, 2010
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November Jobs Report Negative But Not as Bad

11,000 jobs were lost in November. The unemployment rate also improved to 10%. It was the 23rd consecutive month the economy has last jobs. However, CNN reports that the losses were much lower than analysts had been expecting.
U.S. payrolls slipped 11,000 jobs in the month, far below any of the job losses posted over the last 23 months. Economists surveyed by Briefing.com had forecast a loss of 125,000 jobs in November.

The October and September job loss estimates were also revised sharply lower, trimming previous job loss estimates by 159,000 between them.

The new reading put October job losses at 111,000 jobs, and September's loss estimate was cut to 139,000. Each of those new estimates would have been the smallest declines in more than a year.
CNN says the total number of hours worked by American workers actually increased by 0.6%. This is small but a positive sign. Unfortunately, some of this could be seasonal holiday retail hiring. It doesn't mean the economy is out of the woods and the layoffs have ceased.

Posted on December 11, 2009
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Barnanke Sees Meager Recovery, Meager Jobs Improvement in 2010

Fed Chairman Ben Bernanke spoke about the economy and the recession yesterday. Bernanke does not think we will have a jobless recovery that is as bad as the one following the 2001 recession but he is concerned job growth could be meager in 2010.
In response to a question from the audience, Bernanke said he doesn't see the same kind of jobless recovery in 2010 that the economy went through following the 2001 recession, in which job losses continued for nearly two years after growth returned. But he did say that he's worried job growth will be so meager next year that it won't make a dent in the unemployment rate.

Bernanke also said credit for small businesses and consumers is likely to remain strained. And he said that tighter credit will be a significant drag on the economy going forward.
We will be lucky if we have job growth in 2010. As of right now the economy continues to lose jobs. There has been recovery in the jobs market so to talk about a "meager jobs recovery" is premature as there has been no jobs recovery at all. Bernanke also said he does not see the economy slipping back into a recession but it will if there is not a jobs recovery. Consumers can't spend if they don't have an income.

Posted on November 16, 2009
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Unemployment Rises to 10.2%

Amidst all the talk of a recovery the country continues to lose jobs and the unemployment rate keeps rising. Unemployment climbed to 10.2% in October according to the Department of Labor's jobs report. Marketwatch says this is despite the fact that the economy grew 3.2% in the third quarter.
The October jobs report shows a growing disconnect between a recovery in economic output and continued job losses. The economy grew at a 3.2% annual rate in the third quarter, with productivity rising at a 9.5% rate.

"The grinding pace of progress in labor markets likely flags a tepid economic recovery," wrote Sal Guatieri, an economist for BMO Capital Markets.

The report was worse than expected. Economists surveyed by MarketWatch were forecasting a rise in the unemployment rate to 10%, with 150,000 lost payroll jobs. An upward revision to August and September payrolls cushioned some of the disappointment, however.
The 3.2% growth is likely from the Cash for Clunkers program and the infusion of cash by the government. The economy is likely to contract again if a way to create jobs is not found soon. 190,000 jobs were lost in October. It was the 22nd straight month the U.S. economy lost jobs.

Posted on November 6, 2009
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Plenty of Germs at the Office

CBS reports that sick days cost American businesses billions of dollars every year. Unfortunately, it may be the office itself that is making people sick. Surfaces like desks, keyboards and phones can contain lots of bacteria. CBS talks about a study that found your workplace probably has more bacteria than the bathroom. This is probably because many people seldomly clean their desks and keyboards. Take a look:

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Posted on October 24, 2009
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Recession is Forcing Couples to Split for Jobs

There are many working couples in today's world that have been hit very hard by the recession. Each spouse needs a job for the couple to earn enough income to pay the bills. If one or both loses a job they could face financial hardship. The Wall Street Journal reports the ugly recession has split up couples as one spouse is forced to take a job away from home. The WSJ article quotes a study from Challenger, Gray & Christmas that found 18.2% of 1,450 successful job seekers relocated for positions in the second quarter. This was a big jump from the 11.4% found in a survey from a year before.
Faced with a choice between the financial hardship of unemployment or a relocating for a job, more couples are going for a third option and choosing long-term separations. The issue is more common during this recession than in past downturns because of the prevalence of two-career couples. In 2008, 51.4% of married households had both spouses working, according to the U.S. Department of Labor.

"Someone finding employment in another city creates a bigger challenge for families than it did a generation ago," says Joseph Foudy, a professor of economics and management at New York University's Stern School of Business. "You can't assume that a spouse that follows another will find employment in this market."
It can also be expensive. Trips for the relocated spouse to visit can be costly and exhausting.

Posted on October 10, 2009
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Getting a Raise in a Recession

The average salary increase at companies is only 2% this year so a raise seems unlikely. Harry Smith says he would be afraid to even brooch the subject in this kind of environment. However, Jill Schlesinger from CBSMoneyWatch.com tells Harry Smith that there are ways to go about getting a raise. She says to explain how much money you have saved the company and how valuable and criticial to the company you are. CBS also has an article about it here.

Jill Schlesinger says talk face to face with your boss - don't send an email. If your company is one of those with a salary freeze, salary cuts or widespread layoffs you probably aren't going to get a raise no matter how you ask. Jill Schlesinger says you can also ask for perks like a better office or more vacation time if a monetary increase is not possible. Take a look:



Posted on September 28, 2009
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James Alliban Creates AR Business Card

James Alliban has created an augmented reality business card or AR business card. The AR card allows a video of James Alliban to pop out from the business card. Note: You can also watch the video here on Vimeo.



(via Artificial Intelligence and Robotics

Posted on August 4, 2009
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467,000 Jobs Lost in June

The Labor Department reported Thursday that U.S. employers cut 467,000 jobs in June. The unemployment rate climbed to 9.5 percent, which is nearly a 26-year high. Reuters reports that the jobs cuts were 100,000 more than Wall Street economists had been expecting. The economy has now lost 6.5 million jobs since the recession began on Decemeber 2007.

The AP says jobs cuts were widespread covering most sectors. Only education and health services added jobs.
Professional and business services slashed 118,000 jobs, more than double the 48,000 cut in May. Manufacturers cut 136,000, down from 156,000. Construction companies got rid of 79,000 jobs, up from 48,000 the previous month. Retailers eliminated 21,000, up from 17,600. Financial activities cut 27,000, following 30,000 in May. The government cut 52,000 jobs, up from 10,000 the previous month. Leisure and hospitality cut 18,000 jobs, erasing a gain of the same size in May.

One of the few industries adding jobs: education and health services, which added 34,000 positions last month and 47,000 in May.
The big June figures are a clear sign that the pace of layoffs is not slowing down. U.S. News provides a good Q&A on what this latest jobs report means here.

Posted on July 2, 2009
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ADP: U.S. Companies Cut Payrolls by 473,000 in June

Bloomberg reports that ADP Employer Services estimates that employers cut 473,000 jobs in June. This would be a sign that job losses are not slowing. Economists had been expecting a smaller figure.
The 473,000 drop in the ADP Employer Services gauge followed a revised reduction of 485,000 workers in May that was smaller than previously estimated.

Job losses may mount as the bankruptcies of General Motors Corp. and Chrysler LLC ripple through manufacturing. Increased firings threaten to further restrain consumer spending at a time when the world’s largest economy is showing signs of stabilizing.

"This is a weak number," Joel Prakken, chairman of Macroeconomic Advisers LLC, said on a conference call with reporters. "It's a pretty clear indication that, while we’re not shedding jobs as rapidly as the first part of the year, the labor market is still in a state of decline."
Bloomberg says tomorrow's jobs report from the Labor Department may show employers cut 363,000 jobs in June and that unemployment climbed to 9.6%. This would indicate deep losses and that employers are still firing and not hiring.

Posted on July 1, 2009
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Swine Flu Pandemic Will Give Employers Major Headaches

The Independent reports that the swine flu pandemic could leave the UK with 15-20% of its workforce sick at home at its peak this fall. Experts estimate that 50% of UK residents could fall ill from the h1n1 virus.
The letter followed an earlier warning from Sir Liam that millions of Britons could fall victim to swine flu in the coming months. Government officials admitted last night that illness rates from the virus could reach 50 per cent.

Primary care trusts are now being briefed to expect that the pandemic could affect as much as 40 per cent of the workforce before the end of the year, with many worried that there could be a surge of cases in the autumn, according to health industry sources.

The Department of Health sought to reassure the public last night. A spokesman said: "Previous pandemics have seen total illness levels of 25-35 per cent. So our plans are as robust as possible, we have based them on illness rates of 50 per cent, though we do not anticipate it being this high in the current pandemic. Based on this figure, the workforce could be reduced by 15-20 per cent at the pandemic's peak. In the unlikely event that every school closed, this could rise to 35 per cent." He said it was impossible to predict when the pandemic would peak, but added: "As part of ongoing planning, the NHS is being asked to ensure that antiviral collection points could, if needed, be put into action in a week."

Keen to avoid panic, the Government is careful to present official statistics showing "laboratory-confirmed" cases, which currently stand at 2,244. Yet the true scale of infections is far higher than headline figures suggest. The total number of cases either confirmed by laboratory tests or "clinically presumed" currently stands at 3,725.
Some of those employees will also need to be hospitalized and could be out of work for much longer than others. Some will also die from the virus. The swine flu has already been killing people in the 20s, 30s, 40s and 50s age groups. This trend is likely to continue. Even if the swine flu kills just 1 out of every 300 people infected, the total number killed is going to be very large if half of the UK's population is affected. The people dying from the virus are in a demographic that includes the majority of the working population. The article says 50% of UK's population could fall ill from the virus before the end of the year. The U.S. is likely to face a very similar health and productivity issue because of the pandemic.

You can find a long list of h1n1 swine flu resources here.

Posted on June 20, 2009
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President Obama Says Unemployment Rate Will Reach 10%

Bloomberg reports that President Obama acknowledged today that the unemployment rate is going to pass the 10% mark this year.
"You're starting to see the engines of the economy turn," Obama said today in an interview with Bloomberg Television at the White House. "It's going to take a long time -- we had a huge de-leveraging that took place."

Obama acknowledged that unemployment lines may keep growing despite government efforts to boost economic growth, saying he's confident an expansion will begin "shortly." His outlook mirrors the forecasts of private economists who predict a jobless rate of 10 percent -- a level unseen since 1983 -- by the final three months of the year.

"What you've seen is that the pace of job loss has slowed," the president said. "The economy is going to turn around, but as you know, jobs are a lagging indicator and we've got to produce 150,000 jobs every month just to keep pace, just to flatten this out."
Hopefully, President Obama is correct but there have not yet been signs of a turnaround and losing 345,000 jobs in a month - like we did in May - is not much of a slowdown.

Posted on June 16, 2009
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Economists See Hope in May Jobs Report

Many economists welcomed the May jobs report as a positive sign even though the economy lost anouther 345,000 jobs and unemployment climbed to 9.4%. The optimism is only there because there were genuine fears the economy was in a terrifying free-fall.
Economists described the Labor Department's monthly jobs report, released Friday, as an unambiguous sign of improvement, yet also clear evidence of broadening national distress, as millions of households grapple with joblessness and lost working hours.

The fact that a report showing the highest unemployment rate in more than a quarter-century was embraced optimistically testified to the stark fears over the economy in recent months.

"The free fall that the job market was in does finally appear to be tapering off," said Stuart G. Hoffman, chief economist at PNC Financial Services Group in Pittsburgh. "It's the prelude to an economic and job recovery later this year."
VOA News reports that the unemployment rate is currently higher than the White House and analysts had expected and forecasted months ago.
The White House says America's employment picture is worse than the Obama administration had anticipated just a few months ago. The somber admission follows the latest jobless report showing the highest unemployment rate the United States has seen in more than 25 years.

U.S. unemployment jumped a half percent in May, to 9.4 percent prompting this comment by Austan Goolsbee, a member of President Barack Obama's Council of Economic Advisors:

"The economy clearly has gotten substantially worse from the initial predictions that were being made, not just by the White House, but by all of the private sector," said Austan Goolsbee.
The high unemployment rate is likely why President Obama announced a new plan (PDF file) to create jobs today. The Christian Science Monitor notes that the plan has little room for error.
Yet the administration is still in rescue mode. On Monday, it formally announced its plan to step up its recovery efforts and create 600,000 jobs, including 125,000 summer jobs for youth.

This may be a good thing. A recession that's moderating is still a recession. People are still losing their jobs at a faster rate than they’re finding new ones. Supporters of continued stimulus are those who see no recovery this year – or such a weak one that it will still feel like recession.

But the economy moves so fast – and government stimulus moves so slowly – that the administration risks falling behind the curve.
Several experts quoted here in a U.S. News article say they expect job losses to continue to moderate but the unemployment rate is still expected to come closer to or exceed 10%.

Job losses may moderate but it could be difficult to estimate the fallout from the GM and Chrysler bankruptcies. Retail sales in May were also weak and another weak month or two could result in more layoffs in the retail industry. There are many unknowns we have to yet to face in this recession.

Posted on June 8, 2009
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Economy Likely Shed Another 500,000 Jobs in May

Marketwatch reports a survey of economists finds that payrolls are expected to show the economy lost another half a million jobs in May. The economists surveyed expect the unemployment rate is to climb to 9.2%
The Labor Department will release the May employment report on Friday at 8:30 a.m. It's the biggest economic release in a week chock full of data covering every sector of the economy.

In "normal circumstances," such heavy job losses "would be seen as very bad news," wrote Brian Bethune and Nigel Gault, economists at IHS Global Insight. But these times are anything but normal.

Investors "may be encouraged that the pace of job losses appears to be slowing -- albeit marginally," wrote Meny Grauman, an economist for CIBC World Markets. It would be the smallest monthly job loss since 380,000 were lost in October in the wake of the financial panic that followed the collapse of Lehman Bros.
500,000 lost jobs will be the lowest monthly number since last October. It may seem like good news to some that a smaller number of jobs are being lost but 500,000 lost jobs is not really a positive sign. It's a sign of a very unhealthy economy. The May jobs report will be out next Friday.

Posted on May 31, 2009
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Insurance Company Celebrates Bahama Fridays

One branch of the ELG Insurance company has a policy that takes casual Friday even farther. The brance celebrates Bahama Fridays. The bikinis seem like they would be a little distracting but Branch Manager Steve Rotondo says Bahama Fridays boost moral and productivity. It's also possible that this is just a very clever marketing campaign for the Bahamas. Take a look:



(via Buzzfeed)

Posted on May 15, 2009
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