The Employment and Social Development in Europe (ESDE) Quarterly Review highlights continuing economic growth in the EU together with a steady decrease in unemployment.
The number of employed in the EU has reached above 235 million in the second quarter of 2017. This is the highest level ever recorded and represents almost 4 million more people in employment than in 2008. Economic growth has been the main driver behind the recovery in employment. From the second quarter of 2016 to the second quarter of 2017, GDP grew by 2.4%, according to the latest Employment and Social Developments Quarterly Review.
There have been positive social and employment trends over the past year. Today’s October edition of the Employment and Social Development in Europe (ESDE) Quarterly Review highlights continuing economic growth in the EU together with a steady decrease in unemployment.
In August 2017, there were 1.9 million less unemployed people than the year before, 1.3 million of which were in the euro area. The unemployment rate stood at 7.6% of the labour force, the lowest rate since November 2008. The decrease in unemployment rate is general, declining in almost all Member States, for men and women and in all age groups, and especially among young people.
In addition, the financial situation of EU households has continued to improve in nearly all Member States, mainly driven by an increase in income from work. At the same time the amount of households suffering financial distress (the need to draw on savings or run into debt) has been decreasing.
Commissioner for Employment, Social Affairs, Skills and Labour Mobility Marianne Thyssen commented: “Employment in the EU reached its higher level ever recorded with above 235 million people at work. The employment rate is also approaching the Europe 2020 target, showing that the Commission is delivering on its top priority: more jobs and growth. Although unemployment is not yet back to its pre-crisis level, it is steadily declining. I am particularly encouraged to see that youth unemployment is falling with nearly 450 thousand fewer unemployed people aged 15-24. The Commission is more than ever committed to create new and more opportunities for our young people through the European Semester and the European Social Fund, the Youth Guarantee, the Youth Employment Initiative, and more recently the Youth Package.”