Jobs, jobs, jobs!

[Aussiejeff]

Time to wheel out that olde hoary chestnut so beloved of pollies in OZ - JOBS, JOBS, JOBS!!!

Here's today's tasty tidbit before the totally expected "unexpected fall in unemployment" is announced by a beamingly blissful Julia Blowhard.

[size=+1]ANZ slashes another 248 jobs[/size]
Mark Hawthorne
July 9, 2009

ANZ Bank has axed a further 248 jobs across the country as part of its strategy to slash the size of its Australian workforce.

Yesterday afternoon staff at ANZ's mortgage fulfilment centres in Sydney, Brisbane, Adelaide, Perth and Hobart were told their jobs would be outsourced.

The centres have been key to the bank's Given the Chance program, a partnership run with the Brotherhood of St Laurence to provide newly arrived refugees with work, raising concerns that several will lose their jobs.

Staff at the centres process documents and settle mortgages for thousands of customers who have financed a house purchase with the bank.

An ANZ spokeswoman said about 150 jobs would be outsourced to companies such as US-based Iron Horse, which specialises in processing such documents. A further 40 jobs will be moved to the bank's technology and operations centre in Bangalore.

The 45 staff working at the mortgage fulfilment office in Melbourne were told there would be "minimal" job losses as they would now have to settle mortgages from interstate.

A further 50 jobs will be created in Melbourne to cope with that increased workload, and some existing staff from interstate will be given the chance to relocate.

The Financial Services Union slammed the job losses.

"What we are seeing here is a very profitable bank in Australia that is failing its employees at a very difficult time, when they should be trying to provide some job security," union policy director Rod Masson said.

In December last year, ANZ announced that 800 middle-management jobs would be cut as part of its One ANZ restructuring program. In March this year the bank said almost 500 jobs had been relocated to Bangalore in the past year.

Since September 2008, the number of full-time Australian staff employed by ANZ has fallen from 20,364 to fewer than 19,700 ”” its lowest level since 2003. Since 2003, the number of full-time employees at ANZ's Bangalore outpost has increased from fewer than 400 to more than 3500.

According to a source at the bank, 10 people have been employed under the Given the Chance program in the past two years. Many of these now face the prospect of losing their job.

http://business.theage.com.au/business/anz-slashes-another-248-jobs-20090708-ddf8.html

Oh, so what happened to the preferred policy of shortening working hours rather than sacking valued employees? Am I missing something? *droll*



aj

 

[mazzatelli1000]

Shortening work hours
But you still have to do the extra hours to finish the job off at REDUCED pay
So in the end you are really working the same hours for less pay

Makes me glad I left the pencil pushing business a while ago

 

[Aussiejeff]

In fact, I wouldn't be surprised given the opening day of the Ashes if the Sheik Of Tweak hisself popped up on our idiot boxes courtesy of the ABS (that's right - Absolute BS) to bowl us eejits a few wrong 'uns, googleys, flippers & *mystery bollocks* concerning the imaginary unemployment rate.

Oooh, I can hear maiden Blowhard beseeching now...

"Warrrrneeeee, Warrrrneeeee, Warrrneeeee...."

 

[Aussiejeff]

... fergot to add...

at least Warrrneeee would be able to deliver the "auspicious great news" with a believable poker face!!

 

[gfresh]

It'll be sure to be the wrongun .. boom tish

 

[gfresh]

And everybody 'ooos' over the wonky "less than expected" ball, then resumes their standard positions..

http://www.abs.gov.au/ausstats/abs@.nsf/mf/6202.0?OpenDocument

Can't hide the fact that it's still on a steep curve up, and could be a couple of years until we reach peak unemployment.. 2011 ?

Next strong economic growth - 2015? Then again you've got baby boomers really hitting retirement en-mass then, maybe a lot poorer than they thought they would be.. maybe not?

 

[Aussiejeff]

And everybody 'ooos' over the wonky "less than expected" ball, then resumes their standard positions..

LOL

As confidently forecarsed....

Turns out maiden Julie bowled them unemployed stats over with a down 'n dirty "mully-grubber"!

Mmmmmm. Sniff those Green Shoots, man.....

 

[Gamblor]

Time to wheel out that olde hoary chestnut so beloved of pollies in OZ - JOBS, JOBS, JOBS!!!

Here's today's tasty tidbit before the totally expected "unexpected fall in unemployment" is announced by a beamingly blissful Julia Blowhard.

http://business.theage.com.au/business/anz-slashes-another-248-jobs-20090708-ddf8.html

Oh, so what happened to the preferred policy of shortening working hours rather than sacking valued employees? Am I missing something? *droll*



aj

Maybe the 300 million they're going to lose has something to do with it

 

[Aussiejeff]

Hahaha!

Today's "official" Oz Unemployment Rate remains STEADY at 5.8% - a GREAT VICTORY for the MEGA-STIMULUS!!!

Or, is it?

Smoke & mirrors, folks.... smoke & mirrors.....

Full time jobs plummet....
Part time hirings plummet......
+15yrs old Labour Force size plummets.....

BUT

Unemployment Rate stays the SAME!

Go figure, Mr Magoo..... I smell a rat....

 

[boofhead]

Rat? Politically well structured method of making a figure.

23,000 people or so are used for the survey size. Also participation rates are falling too.

Many of us know there are people that are unemployed but do not seek (or not eligible) unemployment benefits. Are various pensions used?

Flexible workforces (we all want the insecurity of not knowing how long we will be employed or how many hours per week we will get) seems to be winning. Companies can adjust better. Major consequence is under employment. Centrelink figures released recently shows how much worse the situation is.

 

[Happy]

1 hour of paid employment per week makes you employed person

 

[dhukka]

Hahaha!

Today's "official" Oz Unemployment Rate remains STEADY at 5.8% - a GREAT VICTORY for the MEGA-STIMULUS!!!

Or, is it?

Smoke & mirrors, folks.... smoke & mirrors.....

Full time jobs plummet....
Part time hirings plummet......
+15yrs old Labour Force size plummets.....

BUT

Unemployment Rate stays the SAME!

Go figure, Mr Magoo..... I smell a rat....

Nothing confusing Jeff, just the way the numbers are constructed. It looks confusing because on the one hand you have:

a decrease of 27,100 in employment, but on the other
a decrease of -2,100 in unemployment

So the logical question is:

If 27,100 jobs were lost, how could there be a reduction in the number of people unemployed?

Simple, a decrease in the number of people looking for work of 29,200, which as you can see is the sum of the two numbers above. Less people have jobs but that is offset by the number of people looking for jobs.

Note that if the labour force had stayed flat, the unemployment rate would have been 6.0% in August.

Also part-time jobs actually hit new highs in August whilst 221,700 full-time jobs have been lost since the peak in July 2008.

 

[Uncle Festivus]

Which is worse?

200k jobs lost in 1 month in a population of 300M or,
30k jobs lost in 1 month in a population of 23M?

 

[Beej]

Which is worse?

200k jobs lost in 1 month in a population of 300M or,
30k jobs lost in 1 month in a population of 23M?

How about 600k/month out of 300M, WITHOUT the loss of full time jobs being replaced by part-time jobs even, like we have seen in AU. This is where the US was 6 months ago remember; however you cut it we are far better off here....

PS: Dhukka - good explanation of the stats and very interesting chart - thanks!

Cheers,

Beej

 

[boofhead]

Then that comparison of Oz vs USA now and comapred to USA a few months ago makes it look like USA is more progressed along and closer to the rise as Australia is losing a greater portion now.

Somehow politicians are using it as a partial positive instead of how bad things are. Money will tighten some more now.

 

[dhukka]

Then that comparison of Oz vs USA now and comapred to USA a few months ago makes it look like USA is more progressed along and closer to the rise as Australia is losing a greater portion now.

That may be the case, however we have not seen anywhere near the extent of job losses in Australia as opposed to the US and I doubt we will even come close.

Consider that from the peak in December 2007, the US economy has shed -5% of the workforce. In Australia we have shed -0.4% or 53,700 jobs from the peak in October 2008. If we were to match the US decline, our economy would have to shed approximately 542,000 jobs.

However, just looking at the net job losses is misleading because if full-time jobs are replaced by part time jobs then people are working less and thus have less income. So to measure the true extent of decline in the Australian labour market the best indicator is 'Hours Worked'.

Hours worked peaked in July 2008 and has fallen -3.5%. As you can see from the chart below we are tracking a little worse than we did in the 2000 -02 experience but not as badly as the early 90's. What it also shows is that we have not bottomed. I would keep an eye on hours worked as the best indicator of labour market weakness.

 

[Uncle Festivus]

How about 600k/month out of 300M, WITHOUT the loss of full time jobs being replaced by part-time jobs even, like we have seen in AU. This is where the US was 6 months ago remember; however you cut it we are far better off here....

PS: Dhukka - good explanation of the stats and very interesting chart - thanks!

Cheers,

Beej

I guess we are far better off, as long as you are not one of the 1000 people a day losing their full time job, and having to get a job at Macca's to pay off their house loan?

It was interesting to see the politicians um & ar'ing when asked about the number of full time jobs disappearing, 50% more than last month, but then they quickly reverted to rote to exclaim 'but, the unemployment rate remains unchanged'

Perhaps you should be in politics too if you believe this is a good trend?

 

[boofhead]

Nice graph.

Too much emphasis is placed on the unemployment figure. Hours worked is helpful. Maybe it should also be used with Centrelink figures too. I know there are plenty that are not working and not getting paid by Centrelink but would like to work.

 

[Ato]

quick survey....just say you lose your job...would you be prepared to work at safeway, or mcdonalds for about 10 ph...to keep you home and family going, or would you rather try living on the dole..single person about 450 pf

I know some people who believe they are too good for that sort of work even in the boom times....lots of jobs not good enough for them

now even though I have a passive income and work self employed part time....I would go to work for about 20 ph if needed to sustain my lifestyle

This is slightly off topic, I guess, but as a reply:

I dunno. Let's say I lose my current job at middle age. Then the only thing I could find was paying half or less. Well I'm having a hard time coming up with reasons to continue living.

It's not about doing a job that's below me. Let's say I was single, middle aged, no children. I lose my job, and as a consequence my house. I can only find work that barely allows me to live hand to mouth. And there is no forseeable way out of that existence, and no way that I could save for the time, fast approaching, when I was too old & feeble to work. Why continue with it? Wouldnt putting the proverbial gun to mouth be preferable to such an existence?

(Please note that currently I do have a reason to live and I'm not suicidal I'm just ruminating on hypotheticals )

 

[Happy]

This is slightly off topic, I guess, but as a reply:

I dunno. Let's say I lose my current job at middle age. Then the only thing I could find was paying half or less. Well I'm having a hard time coming up with reasons to continue living.

...

Just had a similar thought when I saw on TV fellow who decided to be homeless for 3 days or something like that.

He met few real homeless people and few other people who help homeless and they all said that usually there was loss of job (for various reasons – just loss of job, loss of job because of alcohol / drug abuse, because of gambling or because of mental issues).

Then came depression and often sense of life was questioned, sometimes followed with exit decision.

Personally I don’t think there is much else to do when depression strikes and there is not much help around.

Just looking at cold hard facts: every unemployed / depressed / homeless person is a spare person that will not be greatly missed if gone, sounds almost inhumanely, but true.

Some break back through barrier of hopelessness, but most don’t.