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Times tough for info security guards

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Cyber attack protest in South KoreaWith all the cyberscare stories about North Korea making headlines these days, the last place you might expect to see job losses is among information security workers.

However, a survey by UK recruiters Barclay Simpson says the number of IT security professionals looking for work has risen 17 percent so far this year, even as the number of new positions has fallen by 57 percent.

“The market has been swollen by candidates whose contracts have come to an end and permanent staff who have been made redundant and are making themselves available for both permanent and contract work,” the report finds

Hardest hit are more senior and managerial roles, the survey finds, while junior roles are less affected.

Unemployment – at least it’s not 25%

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Northern Trust’s Paul Kasriel has sent around some nice charts that put the state of U.S. joblessness in perspective. Glass half-empty types will be scared silly by the straight line up on the jobless rate while the optimists will take comfort in the fact that we’re still far from the Depression’s high point of around 25%.

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This is scary but not as horrifying as this.

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Business (class) is grim for British Airways

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british-airwaysFewer people are “flying the flag” these days.

And British Airways is feeling the pinch — particularly in business class.

The carrier’s latest figures show BA carried 3.8 percent fewer passengers in June than last year, with most of the fall in premium class seats, where traffic dropped by nearly 15 percent.

The negative feedback loop

Another month, another dismal jobs report from the U.S. Labor Department. It’s hard not to gulp when you see another 467K jobs lost this month. And an unemployment rate of 9.5% isn’t exactly heartwarming.

The jobs report certainly has its detractors who say it’s not the best indicator to watch when you’re looking for signs of recovery since it lags turning points in the economy. But given the role of the U.S. consumer, who has driven the economy out of previous recessions, the rapid fire deterioration in the labor market is likely to create a negative feedback loop.

Gloomy employment milestones

There is normally something for both optimists and pessimists in the monthly employment report.

When the payroll figures are disappointing, the unemployment rate is frequently better than expected. This month is no exception. While payrolls plunged by nearly half a million, unemployment barely budged.

Job losses still ginormous

ADP this morning came out with its survey of joblessess, reporting that private sector nonfarm payrolls dropped by 473K in June, but noted that losses originally reported in May and April were slightly less than had been originally reported.

Some may take this as a reason to celebrate since -473K marks another month showing a slowdown in job losses since they hit their peak at -736K in March. But 473K jobs lost in a single month, especially given the blood letting we’ve seen since the nosedive in financial markets in September, is still impressive, and worrying.

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