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.

the 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

‘Critical test’ for North Korea’s Government as civilian suffering remains rife, warns UN rights expert

Renewable energy could power the world by 2050. Here’s what that future might look like

Immigrant integration policies have improved but challenges remain

25 years on from genocide against the Tutsi, UN Chief warns of ‘dangerous trends of rising xenophobia, racism and intolerance’

Big impact vs big exit: the social side of the start-up game presented at the WSA Global Congress in Vienna

Half the world’s population is still offline. Here’s why that matters

IMF: European banks do not perform their duty to real economy

The battle for the 2016 EU Budget to shake the Union; Commission and Parliament vs. Germany

European Youth Event 2016 – bridge between youth and policy makers

How we measure stakeholder capitalism will determine our recovery

Energy security: The synchronisation of the Baltic States’ electricity networks – European solidarity in action

Jean-Claude Juncker and Theresa May at last week’s EU Council. Source: EC Audiovisual Services / Copyright: European Union, 2017 / Photo: Etienne Ansotte

EU leaders open “Phase Two” of Brexit talks and warn Theresa May of tougher times

To build a resilient world, we must go circular. Here’s how to do it

‘Favour dialogue’ over violence, UN chief urges all parties following clashes in Mali’s capital

Does the world have strong enough institutions to handle risks like Trump and Brexit?

Statement by the European Commission following the first meeting of the EU-UK Joint Committee

MEPs adopt Technical Support Instrument to speed up post-COVID-19 recovery

COVID-19 lets us see the world through a different lens

5G will drive Industry 4.0 in the Middle East and Africa

Germany and France only care about keeping their borrowing cheap

Security Council imposes arms embargo on South Sudan

‘Open, cordial, and frank discussions’ held over future Somalia-UN relationship

Draghi keeps the euro cheap, helps debt refinancing, recapitalization of banks and growth

Go early, go hard and keep it simple: how Senegal is staying ahead of the COVID-19 pandemic

Will Western Balkans respond positively to EU initiatives?

Bigotry makes politicians ‘complicit in the violence that follows’ : UN independent experts

This is what healthcare leaders see as the future for digital health

Closing VAT loopholes for sales through online platforms

“Our house is on fire.” 16 year-old Greta Thunberg wants action

UN calls for funds to ease ‘deteriorating’ humanitarian situation in Gaza and West Bank

EU and China sign landmark agreement protecting European Geographical Indications

A Californian city gave people $500 a month – no strings attached. Here’s what happened

‘Chance for peace’ in South Sudan finally within reach, declares UN Peacekeeping chief

The succesful cooperation

Hurricane Dorian: Bahamas death toll expected to rise as thousands remain missing

Nigeria: Armed conflict continues to uproot thousands, driving up humanitarian need

Here are three ways organizations can prepare for tomorrow’s world

Mobile technology saving lives: Changing healthcare systems with simple technology solutions

How powering food storage could end hunger

New Syria fighting represents ‘giant powder keg’, warns aid veteran, as he leaves UN stage

What the pandemic has taught us about science communication

These countries have the most nuclear reactors

Halt death sentences on children, UN rights expert urge Saudi authorities

COVID-19: Parliament approves crucial EU support measures

Parliament seals ban on throwaway plastics by 2021

This Dutch butcher makes plants taste just like meat

Upgraded EU visa information database to increase security at external borders

On the first day of 2019, over 395,000 babies to be born worldwide: UNICEF

Parliament sets conditions on EU-China investment deal

The three biggest challenges for India’s future

Lack of basic water facilities risks millions of lives globally: UN health agency

Trump blocks US warmongers from bombing Iran

Insecurity and violence turn Nigeria into a ‘pressure cooker’ that must be addressed, says UN rights expert

How young people can help respond to the coronavirus outbreak

Chart of the day: This is how many animals we eat each year

These are the top countries for travel and tourism in 2019

COVID-19 vaccines: EU must respond with unity and solidarity

NASA has released new photos of the Apollo 11 moon landing

How learning through play as a child can help you succeed as an adult

5G: How a ‘legion of robots’ could help save the rhino

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