Job vacancy data reveal better prospects for Britain, stagnation in Eurozone

Job Vacancy Rates by country for the second quarter of 2013. Source: Eurostat.

Job Vacancy Rates by country for the second quarter of 2013. Source: Eurostat graph.

Job vacancy statistics is not a widely used analytical tool despite the fact that is follows more accurately a number of vital social and economic variables, like the robustness of growth or the steepness of fall of economic activity. They are also indicative of the structural effectiveness of labour market workings, of the efficacy of labour market services and also depict better the availability and the strength of connections between labour demand and supply. That’s why Eurostat, the EU statistical service, regularly publishes data on job vacancy rates (JVRs).

According to Eurostat’s definition the job vacancy rate, in part, reflects the unmet demand for labour, as well as potential mismatches between the skills and availability of those who are unemployed and those sought by employers. The JVR is calculated as the percentage of vacant job posts compared with the total number of occupied and unoccupied posts, that is total employment plus the vacant job posts.

Britain and Portugal

Predictably countries in a growth path should show a higher JVR than those in stagnation or recession. However the JVR shows much more than that. For example during the second quarter of this year Britain had a much lower quarter to quarter growth rate than Portugal, 0.7% and 1.1% respectively. Yet Britain during the same period showed a quite strong JVR at 1.9% in comparison to only 0.4% for the small south west European country. This is a strong indication that Britain will grow in the immediate future with a higher rate than it used to, while Portugal may lose its pace.

In the graph published here Eurostat releases the JVR readings for a number of European countries for which there are available data. Malta, Belgium, Germany and Britain are among the EU countries having recorded the higher JVR readings during the second quarter of 2013, while Greece, Poland and Portugal had the lowest. The higher reading however was observed outside the EU, in Norway with 2.9% as in Malta. These results were predictable given the particular economic conjuncture in any of those countries, with the only exception the rate for Britain. In this case the high JVR attainment for the UK in Q2 despite its presently low growth rate is an early indication that the tempo of its GDP increase will strengthen in the immediate future.

EU and Eurozone

According to Eurostat during the second quarter of this year the estimated job vacancy rate (JVR) “was 1.5 % for both the euro area (EA-17) and the EU-28. Compared to the previous quarter the JVR was stable in Eurozone and increased by 0.1 percentage point (p.p.) in the EU-28”. It must be reminded here that Eurozone in the second quarter of 2013 marked its first positive growth rate with a weak 0.3% GDP increase, after three consecutive years of recession. The fact however that Eurozone’s JVR appeared stagnant during the same period is not a good omen for the immediate future.

In detail now among the countries for which Eurostat has available data for the second quarter of 2013, the “JVR rose in six and fell in 12 countries, when compared with the same quarter of the previous year. Increases were registered for the United Kingdom (0.2 p.p.), Denmark, Ireland, Latvia, Hungary and Romania (all 0.1 p.p.). The JVR remained stable in Belgium, France, Italy, Lithuania, Portugal, Slovakia, Norway and Switzerland. Finally, the JVR fell in Malta (-0.4 p.p.), the Netherlands (-0.3 p.p.), Germany, Austria and Sweden (all -0.2 p.p.), Bulgaria, the Czech Republic, Estonia, Croatia, Cyprus, Luxembourg and Poland (all -0.1 p.p.)”.

Again the UK marked the highest increase in quarter to quarter JVR change, a development supporting even more clearly the view that Britain is at the threshold of a new growth period. JVR is the only variable that shows so clearly the good growth prospects of this country for the immediate future. On the contrary Eurozone’s JVR stagnation is a negative indication. These developments show also the unquestionable value of the JVR indicators.

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

Advertising

the European Sting Milestones

Featured Stings

Can we feed everyone without unleashing disaster? Read on

These campaigners want to give a quarter of the UK back to nature

How to build a more resilient and inclusive global system

Stopping antimicrobial resistance would cost just USD 2 per person a year

Sassoli: Migration agreement respects fundamental principles of Parliament’s proposal

Guterres: Security Council’s African alliances ‘needed and appreciated more than ever’

Cash-strapped cities must look to private partners

MWC 2016 LIVE: Industry looks to reduce mobile gender gap

Is our brave new world about to burst?

FROM THE FIELD: ‘Harvested’ rainwater saves Tanzanian students from stomach ulcers, typhoid

MEPs spell out priorities for the European Central Bank and on banking union

Yemen: Major UN aid boost for ‘up to 14 million’ as country risks becoming a land of ‘living ghosts’

Towards a European Republic

How technology can help India breathe more easily

Davos participants call for digital trade deal

On flight to sustainable development, ‘leave no country behind’, urges aviation agency

Varna (Bulgaria) awarded European Youth Capital 2017

The dangers of data: why the numbers never tell the full story

Indonesia is buzzing with entrepreneurial spirit. And others in ASEAN aren’t far behind

An Eastern Wind

5 lessons from China on how to drive sustainable growth

We have a chance to build the gender-equal workplaces of the future. Here’s how

European Labour Authority ready to start working in October as decision is taken on new seat

A Monday to watch the final act of a Greek tragedy; will there be catharsis or more fear?

Global Citizen-Volunteer Internships

CDU-SPD agree the terms for EU’s Banking Union

The DNA of the future retail CEO

Could a Digital Silk Road solve the Belt and Road’s sustainability problem?

Ebola in DR Congo: UN chief ‘outraged’ by recent killings of civilians and health workers

How can batteries become more sustainable? This young scientist might have the answer

Christmas spending: Who can afford not to cut?

3 of Jack Ma’s best pieces of advice

Mobile 360 Africa 11-13 July 2017

Brexit kick-off: a historic day for the EU anticlockwise

Guterres underlines climate action urgency, as UN weather agency confirms record global warming

Why the answer to a more sustainable future could lie within the platform economy

Pedal power makes ‘positive impact on climate’, urges UN on World Bicycle Day

China’s lead in the global solar race – at a glance

The Chinese retail revolution is heading west

Erdogan’s electoral win on a ‘me or chaos’ dilemma means trouble for everybody

This brewery is ditching plastic six-pack rings to save marine life

Investing in rural women and girls, ‘essential’ for everyone’s future: UN chief

What does Tsipras have to offer to the rest of Europe? Is it worth an early advance of €10 billion? Berlin sturdily denies it

Easing funding woes for UN agency assisting Palestine refugees a ‘wise investment for today and the future’

High unemployment to continue haunting the EU

A young European voice on Grexit: too high a bill and too big a deal!

JADE visits Lithuanian Junior Initiatives

The power of digital tools to transform mental healthcare

Libyan national conference postponed, nearly 500,000 children at ‘direct risk’ from fighting around Tripoli

From social entrepreneurship to systems entrepreneurship: how to create lasting change

Would you let an AI vote for you?

It’s ‘time for concrete action’ says UN chief, welcoming inter-Korean agreement

To my Chinese friend

Austrian Presidency priorities discussed in committees

Do we have to choose between creating jobs and protecting the climate?

5 ways students can graduate fully qualified for the Fourth Industrial Revolution

India is investing more money in solar power than coal for first time

A refugee from Syria cries out: “I’m not just a number!”

China is a renewable energy champion. But it’s time for a new approach

Camino de Santiago – a global community on our doorstep

Four ways Europe can become a global innovation leader

Three steps to clean up electric vehicle supply chains

A giant marine heatwave has descended on Alaska

Haiti: ‘Laden with challenges’ but also hope, Mission chief tells Security Council

More Stings?

Speak your Mind Here

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s