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2/11/2016, 8:38 PM (Source: TeleTrader)
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EU labour market recovers in Q3 2015

The labour market in the European Union (EU) is showing signs of improvement, according to the winter edition of the Employment and Social Situation Quarterly Review published by the European Commission (EC) on Thursday.

During the third quarter of 2015, overall employment rate across the all population has returned to the levels before the economic crisis, which exploded in 2009. Older workers (age group 55-59 years) are wanted again.

The EU Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen welcomed the numbers but warned of the long-term unemployment. "(…) There are still more than 10 million Europeans unemployed during one year or more," said the commissioner.

The employment rate for people aged 20-64 years increased by 0.9 percentage points in the year ending in the third quarter of 2015, and reached level of 70.6%. Estonia, Latvia, Hungary and Spain enjoyed the largest increases. The EU's target employment rate for 2020 is set at 75%.

Employment growth was driven by both permanent and full-time contracts, with permanent engagements growing roughly 1.5 million in the year ending in the third quarter. Temporary contracts grew by 930 thousand, of which part-timers counted for 600 thousand jobs. The number of self-employed declined by 330 thousand, said the EC report.

The European markets had a rough day. The indexes crashed down by 3%. The Stoxx 50 index dropped 3.76%, the Frankfurt's DAX dived 2.93%, the French CAC 40 plunged 4.05%, while the London's FTSE 100 finished down 2.13%. In Milan, the MIB rolled down 5.63%, the Amsterdam AEX dropped 3.05%, while the OMX Stockholm 30 dived 3.91% after the Swedish Riksbank delved deeper into the negative interest rate.

Breaking the News / ZR