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October 19, 2017

Employment and economic growth in the EU are steadily rising


EU EmploymentEmployment and growth in the European Union (EU) are steadily rising, announced by the European Commission in its latest quarterly review of employment and social development in the region.

The EU employment continues to grow steadily in almost all Member States. In the second quarter of 2017, employment increased by 1.5% compared to the same period in 2016. In the European Union there are 3.5 million more employed people than last year. This means that there are currently 235.4 million people working in the EU, which is the highest level ever recorded. Compared to the third quarter of 2014, this represents 8 million more employees.

The growth of employment in the EU over the last four years was mostly among younger generation in particular. Although youth unemployment in the EU is still too high, but its share is steadily and faster decreasing more than that of total unemployment. The youth unemployment now stands at 16.9%, which is lower than in 2008.

Other labor market data confirm the improved state of the EU economy.

The share of unemployment in the EU has continued to decline steadily since mid-2013 in almost all Member States. In August 2017, it declined to 7.6%, representing an annual decline of 0.9 percentage points. The rate registered in August 2017 is the lowest in the EU since November 2008.

The quarterly review also shows that the EU economy continues to grow in all Member States, with a total growth of 2.4%. This is also reflected in the better financial situation of EU households due to higher labor incomes. At the same time, the tendency to increase social security payments is inhibited. In almost all Member States, household incomes continued to increase between the first quarter of 2016 and the first quarter of 2017.

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About Viliyana Filipova

My name is Viliyana Filipova, 27 years-old woman from Bulgaria. I established the Economics Gazette and employed high educated and experienced team of business, finance and economy analysts, as well as journalists. We will provide you the latest news about economy, business and finance, trying to be objective and fully independent.