Economics
Euro-Area Furloughs May Only Have Delayed Virus Jobs Damage
- ECB researchers looked at LinkedIn, Indeed jobs data for clues
- Short-term work schemes has so far protected millions of jobs
A pedestrian walks past the closed shutters of businesses in Madrid.
Photographer: Paul Hanna/BloombergThis article is for subscribers only.
The damage to European jobs from virus lockdowns may only be temporarily held at bay and unemployment rates will probably increase later this year, according to European Central Bank researchers.
Furlough programs have kept millions on payrolls, allowing countries like Germany, France or Spain to avoid a massive jump in unemployment that the U.S. experienced since the start of the pandemic. But a sluggish recovery means some companies won’t be able to afford to bring back all workers.