As fears of a recession escalate, companies across North America are implementing significant layoff drives. Thousands of employees have been let go in the US and Canada, contributing to rising unemployment rates. This comes amidst a slowdown in job growth and warnings from economists about an impending recession. Notably, Amazon, Intel, and other major companies have announced substantial job cuts, highlighting the economic uncertainty facing businesses.
India’s unemployment rate for individuals aged 15 years and above has significantly decreased to 3.2% in fiscal year 2023 (FY23), according to the labor ministry. This marks a substantial decline from 6% in FY18, highlighting a positive trend in employment growth. The report also reveals a decrease in unemployment among youth aged 15-29 years, with the rate falling to 10% in FY23 from 17.8% in FY18.
Bangladesh’s Supreme Court has scrapped most government job quotas, leading to a temporary calm after days of deadly student-led protests. However, protesters have issued an ultimatum with new demands, including a public apology from the Prime Minister and the restoration of internet access. The unrest reflects broader economic challenges, including high youth unemployment and a struggling economy.
A debate on unemployment rages in India, with the government citing data suggesting job creation while independent reports indicate a stark reality of widespread unemployment. This article examines the conflicting data sources and the implications of ignoring the true extent of the problem.
Bangladesh is facing a wave of anti-quota protests, sparked by a high court order restoring job quotas for descendants of war veterans. These protests are a symptom of deeper issues plaguing the country: high unemployment, a struggling economy, and a growing debt burden, largely due to Chinese loans. The government’s response has been heavy-handed, further fueling public anger and highlighting the government’s struggle to address the root causes of the unrest.
A video showing hundreds of job aspirants queuing up for an interview at a hotel in Ankleshwar, Gujarat, has gone viral, highlighting the state’s unemployment crisis. The crowd was so large that the railings around the building collapsed as people pushed each other, resulting in a near-stampede situation.
As campaigning ramps up for the 2024 Lok Sabha elections, major political parties – the BJP, Congress, and AAP – have released their respective lists of ‘guarantees’ to attract voters. These guarantees cover a wide range of issues such as unemployment, inflation, healthcare, education, agriculture, and corruption. The BJP’s ‘Modi ki Guarantee’ emphasizes continuing and expanding existing government schemes, while the Congress’ ‘Paanch Nyay’ focuses on introducing new policies and fulfilling popular demands. The AAP’s ‘Kejriwal ki 10 Guarantee’ draws inspiration from its governance model in Delhi, promising free utilities, employment, and other benefits. A Lokniti-CSDS pre-poll survey reveals that unemployment and price rise are key concerns for voters, while corruption and class divide are also pressing issues. The guarantees offered by the parties address these concerns to varying degrees.
The Samastipur Lok Sabha constituency in Bihar, scheduled to vote on May 13th, is facing a lack of employment opportunities and industrial decline. Key demands of the voters include the revival of closed industries, job creation, and infrastructure development. The constituency is also lacking adequate infrastructure, with traffic congestion and waterlogging during monsoon season being major issues.
Surjit Bhalla, former India executive director at the International Monetary Fund (IMF), has claimed that an unprecedented number of jobs have been created under the Narendra Modi government, averaging around 10 million over the last 7-8 years. He highlighted that the Modi government’s job creation record is the highest on record in Indian history, while the least number of jobs were created during the UPA government period from 2004 to 2013. The report also noted that the share of unemployed youths in India’s total unemployed population was nearly 83% in 2022, with frictional unemployment being higher among the youth worldwide.
Fulfillment Distribution Center (FDC) in St. Cloud, Minnesota, has announced plans to close its plant this fall, resulting in the layoff of 350 employees. The closure is due to the loss of FDC’s sole customer, Publishers Clearing House (PCH), which is discontinuing its mail-order commercial business. PCH has also announced layoffs at its New York facility. FDC has been in operation since 1998 and is actively seeking new customers to replace the lost work. Despite the layoffs, St. Cloud Mayor Dave Kleis expressed hope that the center will secure a new customer.
