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Six million jobs lost in EU since 2008, ILO

EU

European Union economies have shed almost six million jobs since the global economic crisis struck in 2008, the International Labor Organization (ILO) said Monday. In a report on the European labor market, the UN agency said the employment rate across the 27-nation EU stood at 57.6% in 2012, down 1.6 percentage points on 2008. “This means that there is still a deficit of 5.9 million jobs to restore employment rates to their pre-crisis levels,” the ILO said. It underlined that despite some signs of labor market recovery that started to materialize in 2010, only five EU members - Austria, Germany, Hungary, Luxembourg and Malta - have employment rates above pre-crisis levels. Countries such as Cyprus, Greece, Portugal and Spain have seen a steady decline in employment rates of more than three percentage points.

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