Facts, figures and the future development of the European Labour Market

Facts:

The “European Labour Market” comprises of the demographic profile of the European labour force and secondly it comprises the system of regulation within the European Union (EU).  For example, is the the free labour movement within the EU member states one major part of the system of regulation. The system of regulation differs widely from the policies in the national countries which include mostly the national employment protection and the industrial relations.

Within the last years the demographic profile of the EU changed. The proportion of female workers increased within 2000 to 2009 by 3% to 16%. Furthermore, migration shaped the EU Labour market and changed the ethical and EU wide profile.

The EU regulations are set up by the European Commission (EC). The major regulation guarantees the free movement of workers. In addition the regulations provide specific norms and rights far beyond the member state provisions.  To regulate the labour market the EC has set up the “Lisbon strategy”” and the “strategy for growth and jobs”.

EU employment:

In 2010 the labour market only recovered slightly and even contracted in 2011. The general situation the labour market is deteriorated. However, the growth in permanent labour contracts has remained positive whereas the temporary employment lost momentum.

The unemployment rate hits a new high of 10% in January 2012. This is numerical figure of 24,3 million people unemployed in the EU. Men and youth are hit the hardest. The youth unemployment peaked 22,4% in January, which also reflects the decreasing number of youth in educational and employment trainings.  Nevertheless the analysis of the “Beveridge Curve” which is the joint movement of the unemployment rates and the labour shortage indicator that shows a tendency towards a higher level of vacancies.  This fact could mean in the long run a good sign.

Future development:

The growth rate in 2012 will almost stagnate, but in 2013 it is expected to slightly grow again. The economic growth is also expected to remain steady in 2012, whereas in 2013 the GDP is forecasted to be at a 1,5 % growth rate. The slow economic development is due to the uncertainty of the financial markets and the fear of contagion that are affecting the EURO zone. In addition the weak global economy will reinforce this trend. Fortunately the confidence might return by the implementation of policy measures that stabilize the sovereign debt crisis.

 

References:

http://ec.europa.eu/social/main.jsp?langId=en&catId=113&newsId=1157&furtherNews=yes

http://www.eurofound.europa.eu/areas/industrialrelations/dictionary/definitions/europeanlabourmarket.htm

http://www.staffingindustry.com/eng/Research-Publications/Daily-News/Europe-Labour-markets-expected-to-stagnate-in-2012

http://ec.europa.eu/social/main.jsp?langId=en&catId=89&newsId=1231&furtherNews=yes

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