Job Market Monitor
European Union
UE / Youth unemployment has been around long before the crisis
One of the more tragic outcomes of the euro crisis has been the gut-wrenchingly high youth unemployment rates. More than half of the young people in Greece and Spain are looking for work. “Europe is facing an often-cited “lost generation” which experiences long periods of unemployment or unstable jobs during their first working years, with … Continue reading
EU / Government books are closer to being balanced, but mass unemployment seems to be there to stay
Most government books are closer to being balanced. Budget deficits will shrink below the 3 percent limit in the Stability and Growth Pact, while the commission estimates that the eurozone will run a current account surplus of over 2 percent in 2014. The commission also expects Spain to run a current account surplus in 2013. … Continue reading
Euro zone / The economy to shrink again in 2013
The euro zone will not return to growth until 2014, the European Commission said on Friday, reversing its prediction for an end to recession this year and blaming a lack of bank lending and record joblessness for delaying the recovery. The 17-nation bloc’s economy, which generates nearly a fifth of global output, will shrink 0.3 … Continue reading
ArcelorMittal / Layoffs / No to Europe’s Political Pressure
Alarmed by the speed at which the steel industry is becoming a symbol of Europe’s economic decline, a top European Union official has called for the world’s biggest steel maker to postpone planned job cuts and factory closings. The company, ArcelorMittal, has said no. “Continuing to operate these plants would threaten the overall viability of … Continue reading
Europe’s lost generation / Youth unemployment exceeds 60 percent in Greece, is above 50 percent in Spain and tops 40 percent in Portugal
Children across Europe are being driven into poverty by harsh government austerity and youth unemployment is soaring, threatening to create “lost generations” that could fire up a new continental crisis. Global charity Caritas said on Thursday that around three out of every 10 children in Greece, Ireland, Portugal, Italy and Spain are in or have … Continue reading
EU / Youth Unemployment / A ‘lost generation’ fund
European Union leaders are expected to set aside more than 5 billion euros from the EU budget to tackle the bloc’s soaring and costly youth unemployment when they meet for a summit in Brussels on Thursday. The aim is to get to grips with the debilitating unemployment caused by the region’s debt and economic crisis. … Continue reading
Canada/ Trade Deal with EU Bad for Manitoba writes the Canadian Centre for Policy Alternatives
Recent leaks from the negotiations between Canada and EU confirm concerns that a comprehensive economic and trade agreement (CETA) would infringe on Manitoba’s ability to promote economic development and advance public interests. The proposed precedent-setting agreement would expand investor rights and extend the reach of international economic agreements, fully covering for the first time the … Continue reading
EU / Van Rompuy to propose youth employment initiative
Herman Van Rompuy, the president of the European Council, will propose a “youth employment initiative” worth several billion euros at a special summit on the European Union’s long-term budget later this week (7-8 February). “The budget must help us tackle the most urgent problems,” Van Rompuy wrote in a message published today (5 February). “Youth … Continue reading
Euro Zone / Youth unemployment rose by 303 000 in a year, reaching 57.6% in Greece
The euro area (EA17) seasonally-adjusted unemployment rate was 11.7% in December 2012, stable compared with November. The EU27 unemployment rate was 10.7%, also stable compared with November. In both zones, rates have risen markedly compared with December 2011, when they were 10.7% and 10.0% respectively. These figures are published by Eurostat, the statistical office of the European Union. Eurostat … Continue reading
Europe / Toward a Financial transactions tax
EU finance ministers have given the green light for 11 eurozone members, including France and Germany, to ready a new tax on financial transactions. The approval under “enhanced co-operation” rules allows the smaller group to pioneer the tax. Governments previously failed to agree to impose the tax across the entire 27-member EU or 17-member eurozone. … Continue reading
UE / Proposals for companies to help those worse affected by redundancies into new jobs approved
European MPs have approved “daft” proposals for companies to help those worse affected by redundancies into new jobs, in a move that will intensify tension between the EU and Britain over unnecessary red tape. The European Parliament report, drawn up by Spanish socialist MEP Alejandro Cercas, calls for new rules requiring any single company with … Continue reading
EU: Tackling youth unemployment was a priority
A year ago, “The European Parliament underlined five priorities in the report on the contribution to the Annual Growth Survey 2012: 1. pursuing different growth-friendly fiscal consolidation 2. ensuring long-term financing of the real economy 3. promoting sustainable growth through more competitiveness and investments 4. tackling unemployment and the social consequences of the crisis 5. modernising … Continue reading
Europe / Unemployment at record level in November 2012: 26 million
EU unemployment tops 26 million for 1st time Unemployment in the 17 EU countries that use the euro rose to 11.8 percent in November, as the number of jobless people in the region rose to 18.8 million, the highest figure since the single currency was founded in 1999. According to data released Tuesday by the … Continue reading
Europe / NEET / 7.5 million young people aged 15–24 and an additional 6.5 million young people aged 25–29 were excluded from the labour market and education in Europe
“The immediate future of Europe depends upon the 94 million Europeans aged between 15 and 29” writes the European Foundation for the Improvement of Living and Working Conditions in NEETs Young people not in employment, education or training: Characteristics, costs and policy responses in Europe. (Adapted choosen excerpts by Job Market Monitor to follow). Apart from the challenges that young people … Continue reading
Eurozone recession to continue into 2013 says Markit
he rate of contraction in the eurozone economy eased slightly in November, according to a closely-watched survey. But the region is still in line for another quarter of recession with further contraction likely in early 2013, according to Markit, who produced the survey. Its Eurozone Composite Purchasing Managers’ Index (PMI), which measures business activity, rose … Continue reading
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