European Labour Market

Stock.xchngAusterity measures have not addressed the root causes of the crisis nor have they brought down unemployment, according to a snapshot of EU countries based on an upcoming ILO on the state of global labour markets.

According to the ILO’s snapshot there are over 10 million more jobless people in Europe now than at the start of the crisis. The employment situation has continued to deteriorate since the introduction of fiscal consolidation policies. Following a pause in 2010-2011, unemployment has kept growing and shows no signs of improvement. Over the past 6 months alone, one million people have lost their jobs in the EU.

There are now more than 26 million Europeans without a job, with young and low-skilled workers being the hardest hit. Only 5 EU countries out of 27 (Austria, Germany, Hungary, Luxemburg and Malta) have witnessed employment rates above pre-crisis levels. Countries like Cyprus, Greece, Portugal and Spain have seen their employment rate drop by more than 3 percentage points in the last two years alone.

Read the full report on the web.