A European Labour Market Barometer, published for the first time on Tuesday, shows: The prospects on the labour market are stabilising in many European countries. The European Labour Market Barometer was 98.7 points in September. Compared to the previous month, it has risen by 0.8 points. After the labour market indicator fell by 6.9 to 93.6 points in April, a considerable part of the decline has now been offset. This is reported by the European Network of Public Employment Services (PES) and the Institute for Employment Research (IAB). "The situation on the labour market in Europe is stabilising, but the crisis is not over yet", explains IAB research department head Enzo Weber, who initiated the European project. Risks lie in the infection dynamics and economic transformation.
The scale of the European Labour Market Barometer ranges from 90 (very poor development) to 110 (very good development). The value 100 is the neutral mark at which neither a significant improvement in the labour market nor a significant deterioration is expected in the next three months.
While sub-indicator A of the barometer predicts the development of the seasonally adjusted unemployment figures for the next three months, sub-indicator B is used to predict the development of employment. In September sub-indicator A “unemployment” was 99.5 points, sub-indicator B “employment” was 98.0 Points.
The mean value from the sub-indicators “unemployment” and “employment” forms the total value of the European Labour Market Barometer. All indicator values are also available separately for the 15 public employment services that are currently participating in the European Labour Market Barometer: Austria, Bulgaria, Cyprus, the Czech Republic, Denmark, Belgium-DG, Belgium-Flanders, Germany, Iceland, Liechtenstein, Lithuania, Luxembourg, Malta, Portugal and Belgium-Wallonia.
“The European Labour Market Barometer is an excellent example of the cooperation between public employment services in Europe. The project will continue to grow, further countries have already confirmed their participation”, says Johannes Kopf, Chair of the PES Network. The network was set up in 2014 following a decision by the European Parliament and the Council to improve cooperation between public employment services in Europe.
The European Labour Market Barometer is based on a survey carried out jointly by the public employment services and the IAB once a month among local or regional employment agencies. “Public employment services have particular expertise in assessing the local labour market. This expertise is bundled in the European Labour Market Barometer in order to obtain an outlook on the labour market development in Europe”, explains IAB expert Enzo Weber.
- The time series for the European Labour Market Barometer and its components, as well as for the participating PES is available at www.iab.de/Presse/elmb-components.xlsx.
- More about the European Labour Market Barometer can be found at www.iab-forum.de/en/launch-of-the-european-labour-market-barometer.