Date Added: Feb 2010
This paper provides an analysis of the labour market adjustment to the 2008-2009 recession in terms of employment, unemployment, and hours worked and wages. It highlights differences in the response of employment and unemployment across countries and different socioeconomic groups. For all EU Member States, it provides evidence of the developments during the crisis of the monthly job finding and separation rates. This helps to assess whether the increase in unemployment is due to an increase of job separation or to a decline in the job finding rate. The paper discusses the risks of jobless growth and compares the dynamics of unemployment and employment across different periods.