Furlough schemes may conceal slack in EU labour market – ECB research

Financial crisis

Furlough schemes in the European Union may be concealing the true size of slack in labour markets across the continent, says research published by the European Central Bank.

These government-financed job retention schemes prevented large job losses around the beginning of the pandemic. In fact, the research estimates 32 million workers were supported by these programmes in April 2020. This was three times higher than the number of the unemployed.

This number had fallen back to 8 million by

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