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Contrasting U.S. and European Job Markets during COVID-19

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Abstract

The onset of the COVID-19 pandemic and the unprecedented slowing of economic activity that followed caused severe disruptions to labor markets around the globe. In contrast to the United States, European Union countries funded short-time work programs to maintain jobs during a period of lockdown that was expected to be transitory. This succeeded in avoiding sharp increases in unemployment early in the recession. However, if the pandemic leads to a permanent reallocation of economic activity, short-time work programs may slow the process of workers moving from shrinking to growing sectors of the economy.

Suggested Citation

  • Jean-Benoît Eyméoud & Nicolas Petrosky-Nadeau & Raül Santaeulàlia-Llopis & Etienne Wasmer, 2021. "Contrasting U.S. and European Job Markets during COVID-19," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2021(05), pages 01-05, February.
    • Handle: RePEc:fip:fedfel:89961
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    Cited by:

    1. Cristina Lafuente and Astrid Ruland, 2022. "Short-Time Work schemes and labour market flows in Europe during COVID," Economics Working Papers EUI ECO 2022/02, European University Institute.

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