Today, the Commission has published the first quarterly review of 2018 on employment and social development in Europe (ESDE). The report highlights a solid economic growth of 0.7% GDP combined with improvements in the labour market.
The report shows that the number of employed reached 236.3 million in the EU. Permanent jobs and full-time employment were the main contributors to growth in employment.
Although, the overall employment has reached a record level and the labour demand in service sector, industry and constructions has increased, the long-term unemployment and youth unemployment rates are still slowly decreasing. The labour shortages highlight that there is a mismatch between skills and labour market, especially for young people.
The financial situation of EU households continued to improve, mainly driven by an increase in income from work. Most of the member states continued to have growth in household income, except Austria, Greece, Spain and the UK. The financial distress rate, which by mid-2017 affected around 14% of the population, shows that fewer EU households needed to draw on savings or run into debt to cover current expenditures.
Despite the overall economic growth and labour market improvements, there are still large disparities in employment rates among member states, with half of the countries having employment rates lower than in 2008. The situation is similar in social benefits, where the prior increase has stopped.
Find the full report here: http://bit.ly/2H6NcCC