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Indicators of labour market conditions in the euro area

Author

Listed:
  • Botelho, Vasco
  • Da Silva, António Dias

Abstract

This box proposes two complementary tools for assessing the performance of the labour market in the euro area. The first is a visualisation tool in the form of a spider chart that displays 18 variables characterising the current euro area labour market conditions. The second applies a principal component analysis to the variables in the spider chart and summarises the information on labour market conditions in two indicators: level of activity and labour market momentum. These indicators show that, in the second quarter of 2019, the level of activity in the euro area labour market was at a level comparable with the pre-crisis peak, while the labour market momentum remains elevated but is declining somewhat. The analysis suggests that there is scope for the level of activity in the euro area labour market to continue to improve in the near term, benefiting from an overall still positive labour market momentum. JEL Classification: E24

Suggested Citation

  • Botelho, Vasco & Da Silva, António Dias, 2019. "Indicators of labour market conditions in the euro area," Economic Bulletin Boxes, European Central Bank, vol. 8.
    • Handle: RePEc:ecb:ecbbox:2019:0008:4
    Note: 686280
    as

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    File URL: https://www.ecb.europa.eu//pub/economic-bulletin/focus/2019/html/ecb.ebbox201908_04~f77013b361.en.html
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    Citations

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    Cited by:

    1. Anda DAVID & Gibson MUDIRIZA & Joanna GROTTE & Ariane DE LANNOY & Murray LEIBBRANDT, 2023. "Developing a Youth Labour Market Index for South Africa at the sub-national level," Working Paper ba3e7ae3-f112-470b-baa9-9, Agence française de développement.
    2. Beata Bieszk-Stolorz & Krzysztof Dmytrów, 2022. "Assessment of the Similarity of the Situation in the EU Labour Markets and Their Changes in the Face of the COVID-19 Pandemic," Sustainability, MDPI, vol. 14(6), pages 1-20, March.
    3. Brand, Claus & Obstbaum, Meri & Coenen, Günter & Sondermann, David & Lydon, Reamonn & Ajevskis, Viktors & Hammermann, Felix & Angino, Siria & Hernborg, Nils & Basso, Henrique & Hertweck, Matthias & Bi, 2021. "Employment and the conduct of monetary policy in the euro area," Occasional Paper Series 275, European Central Bank.

    More about this item

    Keywords

    employment; labour market; unemployment;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity

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