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EU's economy improves but challenges remain: quarterly review

Xinhua, April 14, 2015 Adjust font size:

The economic situation in the European Union (EU) has gradually improved over nearly two years ago but challenges remain, especially for long-term and youth unemployment, the European Commission said Monday based on results of the latest employment and social situation quarterly review.

Employment has started picking up, with improvements now materializing in most sectors, said the Commission in a statement.

The quarterly review highlights significant positive trends, such as the continuous fall in unemployment, the increase in permanent and full-time contracts, the decline in youth unemployment and also -- for the first time since the onset of the crisis -- the decline in long-term unemployment.

According to the review, employment saw an increase in the vast majority of member states in 2014, including in some with very high unemployment rates such as Greece and Spain. Over the year, employment increased in both industry and services sectors, and more than half of the growth in employment was due to permanent and full-time contracts.

However, considerable challenges remain with levels of unemployment still high and significant differences across member states. The unemployment rate of young people has been falling since 2013 in the EU as a whole and in most member states, but remains too high at 21.1 percent. Besides, long-term unemployment rate still registered at 4.9 percent, with more than half of those unemployed out of work for more than a year.

"Creating jobs and boosting growth is at the core of the Commission's priorities. Efforts initiated by the investment plan for Europe and the youth employment initiative will be pursued further this year by dedicated initiatives to address long-term unemployment and facilitate labor mobility," said Marianne Thyssen, EU Commissioner for Employment, Social Affairs, Skills and Labor Mobility.

The review stated that growth in household income has continued at a faster pace, mainly driven by the growth in employment. However, the level of households reporting suffering from financial distress (needing to draw on savings or to run into debt to cover current expenditures) remained unchanged, and even intensified for households with lower incomes. Endit