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Labour market and wage developments in 2009

European Economy 5/2010 
Luxembourg: Publications office of the European Union, 2010 - ISBN 978-92-79-14807-1 - ISSN 0379-0991 - doi:10.2765/36582

In the second half of 2008, the EU economy entered a recession that lasted the best part of 2009. The impacts arising from this recession have taken a severe toll on the economic well-being of many European citizens over the past two years. In the euro area alone, GDP contracted sharply in 2009, unemployment surged, and public debt rose to unprecedented levels.
The 2010 Labour Market Review analyses how the labour market behaved over this period, focusing on the interaction with key macroeconomic variables such as productivity, wages and GDP. It also provides a detailed description of inflows into and out of unemployment during the crisis. The report contributes to the overall effort to upgrade the monitoring of macroeconomic developments in the
EU and the euro area as recommended by the EMU@10 communication. To this end, it presents an analysis of the most recent trends and prospects on participation, unemployment and employment rates on the one hand and labour costs on the other. It also provides an input to the enhanced country surveillance and helps to address the future thematic challenges within the context of the Europe 2020 strategy.
Although the report concentrates on developments at euro area and EU27 levels, it also esamine  the situation in individual countries, specific policy measures taken to minimise the impact of the crisis and the challenges ahead. The report reviews the long-term policy challenges in light of themacro-economic environment created by the crisis and the need for fiscal consolidation. It includes
also an extensive statistical annex that provides data on key labour market aggregates for each Member States.

author(s): European Commission, DG Economic and Financial Affairs
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