home3 | Employment RestructurinG report | European union edition Q3 2012 contents summary 01 EU Labour market trends 02 EU member state labour trendssummary ➔ The European Union’s labour market suffered further downgrades in national GDP have knocked business money supply expansion, aimed at putting some zing with the go-ahead for a Euro-wide rescue package 03 most heavily impacted sectors 04 reasons weakness, with job losses and consumer sentiment, into the tepid US recovery, from Germany’s high court, for announced job losses outstripping gains in the first and reinforced a cycle of albeit at the expense the two measures have 05 european labour market half of 2012, as the region’s adverse events that are of inflationary risk. substantially shifted sentiment. outlook economic deterioration thwarting recovery. 06 major The ECB’s intervention had As things stand, the economic job layoffs continued. announced Amid the gloom, a significant an immediate positive effect position is challenging in europe The precarious break has come with the move on borrowing costs, and enough. There has been a 07 major job creations financial state of by the European Central Bank effectively removed one discernible deterioration announced in europe key EU economies (ECB) to purchase the bonds factor that could have easily in economic performance about this is feeding into of stressed EU economies, spiralled into a global banking in the key economies of report a debilitating jobs perhaps forestalling a and credit slowdown. Germany, France and market, characterised more serious setback, and the United Kingdom. There is no guarantee that by stalled jobs growth, even optimistically, ruling this alone will spark renewed Hopes of a return to economic and sustained levels a line under the 2011–12 confidence, but failure to growth in the EU this year of retrenchments. sovereign debt crisis. act would have seen the EU have all but evaporated, and Persistent negative news This has been supplemented tracking down an unchartered there is a prospect of only from financial markets and by the US Federal Reserve’s and hazardous path. Coupled modest growth in 2013. There has been a discernible deterioration in economic performance in the key economies of Germany, France and the United Kingdom.