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Institute for Workplace Studies----------------- Professor Samuel B. Bacharach

School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies

Cornell University

16 East 34th Street, 4th floor---------------------- Stuart Basefsky

New York, NY 10016 -------------------------------Director, IWS News Bureau

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European Commission (EC)

Employment, Social Affairs & Inclusion

 

 

Monthly Labour Market Fact Sheet--March 2012

EUROPEAN UNEMPLOYMENT HITS NEW HIGH IN JANUARY

http://ec.europa.eu/social/BlobServlet?docId=7466&langId=en

[full-text, 2 pages]

 

The unemployment rate hit a new high at 10.1 % in the EU in January 2012, and likewise in the euro area at 10.7 %, the highest level since the euro was established. The number of unemployed continued to trend up in January, reaching 24.325 million, with a sustained increase over the last six months generating on average 200 000 more jobless per month. Divergence among EU labour markets remains high, as the number of unemployed has fallen over the last three months in six Member States, while it has increased in most countries, sometimes sharply. Since March 2011, the EU unemployment rate has grown by 0.6 pp, accounting for 1.625 million more jobless. A different pattern is seen in the US, where the unemployment rate has been falling continuously (down by 0.8 pp over the last year) and stood at 8.3 % in January.

 

Overall summary of the situation:

 The number of unemployed in the EU has risen steadily and significantly over the past months, with more than 1.6 million additional jobless since March 2011.

 Unemployment is trending up in most Member States, including the largest ones.

 EU youth unemployment has reached a new historic high (22.4 %).

 EU consumers are expecting unemployment to go on worsening. EU firms' employment expectations remain broadly optimistic in industry but depressed in other sectors.

 Growth in on-line job demand stabilised in February 2012, driven by Germany and engineering, while restructuring activity decreased.

 

AND MUCH MORE…including CHARTS & TABLES….

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