Employment rate of people aged 20-64 in EU 75.4% in Q2 2023

Labour market slack amounted to 11.2 per cent of the extended labour force aged 20-64 in Q2 2023—a fall of 0.1 pp over the Q1 figure.

Between Q1 and Q2 2023, 3.1 million unemployed people in the EU (24 per cent of all unemployed in Q1 2023) found a job. During this period, 6.7 million (51.4 per cent) remained unemployed, and 3.2 million unemployed people (24.5 per cent) transitioned out of the labour force.

Of all those in employment in Q1 2023, 2.5 million (1.2 per cent) became unemployed in Q2, and 5.2 million (2.5 per cent) transitioned out of the labour force.

From those counted as out of the labour force in Q1, 4.7 million (4 per cent) moved into employment in Q2 and 3.7 million (3.2 per cent) transitioned into unemployment.

In Q2 2023, the hourly labour costs rose by 4.5 per cent year on year (YoY) in the euro area and by 5 per cent YoY in the EU.

ALCHEMPro News Desk (DS)