No Marshmallows, Just Term Papers
1) According to the US economy what will likely boost hours in the job market is the increase of consumer demand. Indeed, when the demand increases companies are more likely to increase the hours of their part-time employees instead of creating new jobs.
2) What is currently lacking in the European and North American job market is the hope of jobs growth. Indeed, despite that stimulus has been undertaken by the authorities, there is still not have any meaningful jobs growth and therefore markets are more and more worried about slipping back into recession.
3) What has placed unemployed at its historic norm is the intensification of the competition between unemployed people. Indeed, there is already a high competition between “officially” unemployed people who are looking for jobs. Furthermore, there is also competition with the part-timers who want full time work and ‘discouraged” people who have stopped looking for a work and that want to work again. There are few offers to respond to this high demand. To give an example, according to the article, in a healthy economy, 2 unemployed people on average are competing for a same job, while currently, nationally, 4, 5 people are competing for a job.
4) As many companies reduced workers’ hours after the recession they are more likely to restore all those hours to their employees instead of creating a new job and therefore hiring new employee. It permits, among other, to avoid any integration and company discovery phase which is therefore a saving time and money for the company.
5) I think that the job market will improve in the next 10 years. First, I personally think that it can be worse that nowadays and therefore, the market economy can only get better in the few next year. Furthermore, the authorities will surely find and implement new strategies to face this high unemployment rates.