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Beginning of the year for labour market in the Eurozone was characterised by fall of unemployment. This means employment continues its steady upward trend and contributes to economic stabilisation of the region. However, current situation with exports is on the opposite side. Fall of demand for export is a slowing factor for economic recovery.
Official data released by the Eurostat on Tuesday show that unemployment rate in the Eurozone fell by 0.1% to 10.3%. It is a minimum since August 2011. Number of unemployed fell by 105,000 people. Total number of working-aged but unemployed people reached 16,650,000 people.
Though unemployment rate steadily moves down, it is still high for global rates. For example, unemployment in the US is 4.9%.
As number of working people constantly rises, level of demand in domestic market should also rise due to growth consumer spending. This tendency served as main driver for growth in previous year. From the other side, there some precise signs that downside pressure on economic growth comes from weak demand for export. Manufacturing PMI only approved fall of activity.
Besides, there are signs that fall of unemployment slows down. Companies have more concerns and less confidence in their future on the background of constant instability in financial markets and hazy global economic outlooks. According to data, level of hiring new workers was insignificant during the last time.