In the third quarter of 2024, the European Union has seen a slight but significant change in its labor market. The employment rate among people aged 20 to 64 reached 75.9%, reflecting an increase of 0.1 percentage points from the second quarter of the year. This modest increase comes in a challenging economic context, indicating a slight improvement in the region’s labor market outlook.
At the same time, the underemployment rate, which includes those with unmet employment needs, marginally decreased to 10.9% of the extended labor force in the same age group. This decline was also 0.1 percentage points compared to the previous quarter.
According to data published by Eurostat, although the overall employment rate growth is small, notable variations can be observed among the different member countries. Malta stood out with the largest increase, recording a 1.4 percentage point rise in its employment rate. This was followed by Romania, which experienced a 0.6 point increase, and Ireland, Italy, and Cyprus, each with a 0.5 point increase.
However, the scenario was not uniform across the entire region. While Latvia and the Netherlands kept their employment rates stable, 15 EU countries saw decreases. The most pronounced drops were recorded in Luxembourg, with a decrease of 1.0 point, Slovenia with 0.9 points less, and Estonia, which suffered a 0.7 point drop.
This diverse employment dynamics landscape highlights the heterogeneity of European economies and the different ways in which labor markets respond to common economic challenges. The fluctuation in employment rates underscores the need for labor policies tailored to each country’s specificities, with the aim of promoting sustainable growth and stability throughout the region.
Referrer: MiMub in Spanish
