Wednesday, February 8, 2012

European labour markets: a picture of class warfare by Deepankar Basu

The global economic and financial crisis that started with the bursting of the massive housing bubble in the U.S. economy in 2007 shows no signs of “correcting” itself. While there has been some positive news in both in terms of GDP growth in the US economy in the last quarter of 2011, and the labour market in January 2012, the recovery in the US is far from complete. At present there are close to 12.8 million workers looking for but unable to find jobs; and that number would be close to 25 million if we include those who are currently working part-time and wish to move to a full-time job. Comparing the recessions in the US economy in terms of job loss since 1974 shows the depth of the current one and easily drives home the point that anything like a recovery of the labour market is still far out into the future, if at all.

If, on the other hand, we look at the other side of the Atlantic, the scene is much more grim. GDP growth has been weak in most countries in Europe, but what is even more striking is that the unemployment rate in several countries have reached (or is about to reach) Depression era levels. The massive slack in the European labour markets clearly detract from any story of a recovery in the global economy.

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