The U.S. economy saw almost no job growth in October, with employment creation slowing to its lowest level since December 2020. The slowdown is attributed to a combination of factors including hurricane disruptions, strikes in manufacturing, and election-related uncertainties. Despite the hiring freeze, the unemployment rate remained steady at 4.1%, indicating businesses are retaining their existing workforce.
Traders are eagerly anticipating the release of the October jobs report on Friday, considered the most crucial economic event of the week. Economists predict a slowdown in job growth due to Hurricane disruptions and the Boeing strike, but recent data suggests potential for positive surprises. The report will offer valuable insights into the resilience of the US labor market and could impact stock market performance.
EasyJet is actively seeking out veterans of the Armed Forces, recognizing the valuable skills they bring to the workforce. This initiative comes after a study found that 60% of veterans want more support in transitioning to civilian jobs. EasyJet is particularly interested in hiring mature workers, aligning with the fact that 92% of UK armed forces veterans are over 45.
The Employees’ State Insurance (ESI) Scheme in India witnessed a significant increase in new registrations in August 2024, with over 20.74 lakh workers joining the program. Notably, a substantial portion of the new registrations (9.89 lakh) were young employees under the age of 25, highlighting the scheme’s growing importance for the younger workforce. This surge in registrations also indicates a strong focus on gender equality, as 4.14 lakh female employees enrolled in the scheme.
Union Minister Mansukh Mandaviya has called for a comprehensive data collection system on Indian citizens working and studying abroad. This initiative aims to improve data governance and management, especially in the informal sector, and create a unified platform for employment data across government schemes and sectors.
The Prime Minister’s Internship program, launched in October, has seen over 13,000 internship opportunities posted on the dedicated portal, with major companies like Jubilant FoodWorks, Larsen & Toubro, Mahindra & Mahindra, and Tech Mahindra contributing. The program offers financial assistance, aims to bridge skill gaps, and leverages India’s demographic dividend.
The upcoming September Jobs Report is a crucial data point for the Federal Reserve as it considers further interest rate cuts in November. Economists expect modest job growth but are looking for clues about the health of the economy and the potential for a ‘soft landing.’
Spain’s tourism sector reached unprecedented heights in employment in 2024, marking a historic milestone. The surge in tourism has created a boom in various sectors, boosting the economy and offering thousands of new job opportunities. This growth is a testament to the sector’s resilience and adaptability, making Spain a leading travel destination.
The Uttar Pradesh government has introduced the Chief Minister Tourism Fellowship Scheme, providing INR 40,000 monthly stipends to graduates under 40 years old. The program aims to boost the state’s tourism sector and create employment opportunities for young professionals.
Reliance Industries Ltd. (RIL) has reduced its workforce by 42,000, or 11%, in the 2023-24 fiscal year, prompting concern from entrepreneur Anupam Mittal about the state of the job market. The company aims to improve cost efficiency, particularly affecting the retail division. While RIL’s annual report highlights a decrease in new hiring, analysts suggest the move is part of a strategic shift towards optimizing operations. Mittal, however, emphasizes the severity of the job cuts for the overall economy, underscoring the need for a comprehensive plan to address job creation.
