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How does the current employment expansion in the euro area compare with historical patterns?

Author

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

Abstract

This box looks at the current employment expansion in the euro area and compares it with past periods of employment growth. It uses annual data for the period 1960-2018 and shows that: (i) the current employment expansion is so far not particularly lengthy in comparison with past recoveries; (ii) the current employment expansion is more employment-rich than previous expansions as employment growth has been stronger relative to GDP growth than it was in the past; (iii) the fast-paced decline in the unemployment rate has been a notable feature of the current expansion; and (iv) the decline in unemployment and the increase in employment in the current expansion have occurred alongside moderating labour costs, but that moderation has been weaker than in the previous expansion. JEL Classification: E24

Suggested Citation

  • Botelho, Vasco & Da Silva, António Dias, 2019. "How does the current employment expansion in the euro area compare with historical patterns?," Economic Bulletin Boxes, European Central Bank, vol. 6.
    • Handle: RePEc:ecb:ecbbox:2019:0006:4
    Note: 686280
    as

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    More about this item

    Keywords

    employment; GDP; productivity; real wages; 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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