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Energy Prices Hold Back European Labor Market Recovery, Employment Service Says
🇱🇹 Lithuania /Economy & Trade

Energy Prices Hold Back European Labor Market Recovery, Employment Service Says

From Delfi · () Lithuanian

Translated from Lithuanian and summarized by DistantNews. Read the original for the full story.

At a glance

Newswire Named sources Ongoing story
  • The European labor market barometer fell in August, with its unemployment forecast component declining to 99.7 points and the employment component reaching the neutral 100-point zone.
  • Lithuania’s overall reading remained positive at 100.3, although its unemployment outlook slipped to 99.5 while the employment forecast held at 101.1.
  • IAB forecasting head Enzo Weber said energy prices were hindering further recovery in European labor markets.

Europe’s labor market recovery is losing momentum as energy prices continue to weigh on the outlook, the Lithuanian Employment Service said.

The European labor market barometer’s unemployment forecast component fell for the first time in five months, reaching 99.7 points. Its employment component also declined moderately and moved into the neutral zone at 100 points.

Lithuania’s position remained somewhat stronger. Although the country’s overall barometer reading fell by 0.4 points, it stayed above the neutral threshold at 100.3. The employment forecast component was unchanged at 101.1, indicating expectations of a slight improvement in labor market conditions over the next three months.

The outlook for unemployment was less favorable. That component fell by 0.9 points in August to 99.5, moving into negative territory. Enzo Weber, head of the forecasting department at the Institute for Employment Research, was quoted as saying, “Energy prices are hindering the further recovery of European labor markets.”

The European labor market barometer draws on a monthly survey of 18 local or regional public employment services. Employment services and the Institute for Employment Research have conducted the survey jointly since June 2018.

Energy prices are hindering the further recovery of European labor markets.

— Enzo WeberThe head of the Institute for Employment Research’s forecasting department described the pressure weighing on the European labor market outlook.
About this summary

Originally published by Delfi in Lithuanian. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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