The number of persons employed in
both the Eurozone (EA16) and the EU27 was stable in the third quarter of 2010
compared with the previous quarter, according to national accounts estimates
published Wednesday by Eurostat, the statistics office of the European Union. In
the second quarter of 2010, employment grew by 0.1% in both zones. These figures
are seasonally adjusted. Meanwhile, the Organisation for Economic Co-operation
and Development (OECD) said also on Wednesday that youth unemployment rates in
the OECD area are expected to remain at around 18% in 2011 and 17% in 2012.
Falls in employment were recorded in
construction (-1.1% in the Eurozone and -1.0% in the EU27) and manufacturing
(-0.3% and -0.2% respectively). Agriculture fell by 0.2% in the Eurozone, but
grew by 0.4% in the EU27. Financial services & business activities increased by
0.3% in the Eurozone and by 0.2% in the EU27. Other services (which mainly
include public administration, health and education) rose by 0.2% and 0.1%
respectively. Trade, transport & communication services grew by 0.1% in the
Eurozone and remained stable in the EU27.
Compared with the same quarter of
the previous year, employment fell by 0.2% in both the Eurozone and the EU27 in
the third quarter of 2010. In the second quarter of 2010, employment decreased
by 0.6% in both zones.
Eurostat estimates that, in the
third quarter of 2010, 221.2m men and women were employed in the EU27, of which
144.5m were in the Eurozone. These figures are seasonally adjusted.
These quarterly data on employment
provide a picture of labour input consistent with the output and income measure
of national accounts.
The global economy is recovering but
youth unemployment is getting worse, according to a new OECD report.
Off to a Good Start? Jobs for Youth says that young
people are more than twice as likely to be unemployed as the average worker. Yet
few governments are taking proactive steps to boost youth employment.
Youth unemployment rates in the
OECD area are expected to remain at around 18% in 2011 and 17% in 2012. This is
more than double the total unemployment rate, which stood at 8.6% in October
“Investing in young people
is vital to avoid a scarred generation at risk of long-term exclusion,”
said OECD Secretary-General Angel Gurría. “We can
learn from countries that have made it easier for young people to find jobs.It
will help us strengthen the economic recovery while taking care of the most
precious asset our countries have.”
Since the crisis started, 3.5m more
young people have joined the ranks of the unemployed in the OECD area. But
unemployment does not capture the full hardship for youth, as many who have left
education no longer appear in labour force statistics. At least 16.7m young
people are neither in employment, education or training (the so-called NEET
group) - 6.7m of these youth are still seeking work, while 10m have given up
The report says that young people
who struggle to enter the labour force after leaving school can face persistent
scarring. Risks include long-term difficulty finding employment and pay
differentials with their peers (up to 8% less in some countries) as deep as 20
years into their careers. Young people leaving school in the coming years are
more likely to struggle to find work than previous generations.
The OECD says that governments must
prioritise policies that have produced cost-effective results in other
countries. Targeting young people most at risk - including youths who leave
school without a qualification, come from immigrant backgrounds or live in
disadvantaged areas - is key.
Move towards early intervention
programmes and effective job-search assistance for different groups of
youth, such as in Denmark, the Netherlands and Japan.
Strengthen apprenticeship and
other dual vocational training programmes for low-skilled youth, as
traditionally done in Austria, Germany and Switzerland and scaled up in
Australia and in France.
Encourage firms to hire youth,
by offering temporary subsidies targeting low-skilled youth and those have
completed their apprenticeship, as well as small and medium-sized firms.
The Eurozone (EA16) consists of
Belgium, Germany, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg,
Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
The EU27 includes Belgium (BE),
Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia
(EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus
(CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT),
the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO),
Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom
The Paris-based OECD (Organisation
for Economic Cooperation and Development) think thank for governments has 34
mainly developed country members: Australia, Austria, Belgium, Canada, Chile,
the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary,
Iceland, Israel, Ireland, Italy, Japan, Korea, Luxembourg, Mexico, the
Netherlands, New Zealand, Norway, Poland, Portugal, the Slovak Republic,
Slovenia, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United