5th April 2014

Employment lags behind the general EU economy recovery

According to the European Commission´s Employment and Social Situation Quarterly Review, the social situation in the EU is not improving and the employment is not rising, despite the signs of economic recovery. The growth of GDP of the EU is fragile, but more-or-less steady. However, the growth has not produced enough job opportunities to improve employment. In the 4th quarter of 2013, overall employment increased by 0,1%, mainly visible in the services sector. However, constructions sector saw a decrease. Moreover, the financial situation of lower-income households continues to deteriorate with 5% running on debt and 12% on their savings to cover their daily needs. The most unstable situation is faced by men and the young. Concerning the future, no immediate positive change seems to be on the horizon. According to EC, the overall unemployment rate of the EU amounts to 10,8%, with over 26 million people seeking jobs. The highest unemployment rates are in Greece (28%) and Spain (25,8%). On the other hand, the lowest are in Austria (4,9%), Germany (5%) and Luxembourg (6,1%).

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Members of the American Chamber of Commerce in the Czech Republic