Young and low qualified workers hit hard By TPN/Lusa, in Business · 08-01-2021 18:00:00 · 0 Comments
The drop in employment in the Euro zone observed until the end of the first half of last year, particularly effected precarious workers, namely in younger and less qualified people, according to the European Central Bank (ECB). The decline in employment was strongest for temporary employees, the youngest and low-educated workers until June 2020, the period of biggest impact of the covid-19 pandemic, can be read in an article published by the ECB in its Economic Bulletin.
According to the document, the employment of workers with a high level of education was practically unaffected by the pandemic, while workers with a low level of education saw a decline in their employment .
Economic Bulletin
Overview
At its monetary policy meeting on 10 December 2020, the Governing Council decided to recalibrate its monetary policy instruments. While the rebound in economic activity in the third quarter was stronger than expected and the prospects for the roll-out of vaccines are encouraging, the coronavirus (COVID-19) pandemic continues to pose serious risks to public health and to the euro area and global economies. The resurgence in COVID-19 cases and the associated containment measures are significantly restricting euro area economic activity, which is expected to have contracted in the fourth quarter of 2020. While activity in the manufacturing sector continues to hold up well, services activity is being severely curbed by the increase in infection rates and the new restrictions on social interaction and mobility. Inflation remains very low in the context of weak demand and significant slack in labour and product markets. Overall, the incoming data and the Decemb
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The impact of the COVID-19 pandemic on the euro area labour market
The impact of the COVID-19 pandemic on the euro area labour market
Prepared by Robert Anderton, Vasco Botelho, Agostino Consolo, António Dias da Silva, Claudia Foroni, Matthias Mohr and Lara Vivian
1 Introduction
The euro area labour market has been severely hit by the coronavirus (COVID-19) pandemic and associated containment measures. Employment and total hours worked declined at the sharpest rates on record. Unemployment increased more slowly and to a lesser extent, reflecting the high take-up rate of job retention schemes and transitions into inactivity. The labour market adjustment occurred primarily via a strong decline in average hours worked. In addition, the labour force declined by about 5 million in the first half of 2020, which is half a million more than its increase between mid-2013 and the fourth quarter of 2019.