Job losses continue to outpace job gains

The ERM quarterly in its latest edition again records more job loss announcements than job gains, reflecting the persistent rise in unemployment in the European Union. Two-thirds of announced job losses in the second quarter of 2013 arose from companies shedding jobs, 16% from closures, 13% from bankruptcy and 5% from offshoring.

Announced job losses were greatest in Germany at just over 14,000, while the biggest announced job gains were in Poland (7,717) and the United Kingdom (7,258). The manufacturing sector experienced most restructuring activity, accounting for 45% of announced job losses and 37% of job gains.

The bulletin reports that the biggest job loss announcements came from Greek public television and radio broadcaster ERT and German multinational Siemens. The closure of ERT will result in the loss of 2,902 jobs, while Siemens plans to shed a similar number from its industry divisions in Germany due to falling demand. UK frozen-food retailer Iceland and French bank Banque Postale made the biggest job creation announcements, with each planning to create 2,000 new jobs.

The ERM quarterly has more details on these restructuring events as well as discussions on recent restructuring in the construction industry and public supports for restructuring in Croatia.

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