Insider Economy Job vacancy rate in the euro area at 2.3% in the first...

Job vacancy rate in the euro area at 2.3% in the first quarter of 2019

The job vacancy rate in the euro area (EA19) was 2.3% in the first quarter of 2019, stable compared with the previous quarter and up from 2.1% in the first quarter of 2018, according to figures published by Eurostat, the statistical office of the European Union. In the EU28, the job vacancy rate was 2.4% in the first quarter of 2019, up from 2.3% in the previous quarter and from 2.2% in the first quarter of 2018.

In Cyprus the job vacancy rate was 2.0% in Q1 2019, up compared to 1.0%  in Q4 2018 and 1.2 in Q1 2018. In Greece the same rate was 0.6% in Q1 2019 up from 0.4% in Q4 2018 and down from 0.7% in Q1 2018.

In the euro area, the job vacancy rate in the first quarter of 2019 was 2.0% in industry and construction, and 2.6% in services. In the EU28, the rate was 2.2% in industry and construction, and 2.6% in services.

Among the Member States for which comparable data are available, the highest job vacancy rates in the first quarter of 2019 were recorded in Czechia (6.4%), Belgium (3.6%) and Germany (3.3%). In contrast, the lowest rates were observed in Greece (0.6%), Spain (0.9%) and Portugal, Ireland and Bulgaria (all 1.0%). Compared with the same quarter of the previous year, the job vacancy rate in the first quarter of 2019 rose in fourteen Member States, remained stable in nine but fell in Greece, Croatia, Lithuania, Poland and Malta (all by -0.1 percentage points – pp). The largest increases were registered in Czechia (+1.6 pp), Cyprus (+0.8 pp), Latvia (+0.6 pp), Germany and the Netherlands (both +0.4 pp).

Meanwhile, hourly labour costs rose by 2.4% in the euro area (EA19) and by 2.6% in the EU28 in the first quarter of 2019, compared with the same quarter of the previous year. In the fourth quarter of 2018, hourly labour costs increased by 2.3% and 2.8% respectively.

The two main components of labour costs are wages & salaries and non-wage costs. In the euro area, the cost of wages & salaries per hour worked grew by 2.5% and the non-wage component by 2.2% in the first quarter of 2019 compared with the same quarter of the previous year. In the fourth quarter of 2018, the annual changes were +2.3% and +2.4% respectively. In the EU28, the costs of hourly wages & salaries rose by 2.7% and the non-wage component rose by 2.1% in the first quarter of 2019. In the fourth quarter of 2018, annual changes were +3.0% and +2.3% respectively.

In the first quarter of 2019 compared with the same quarter of the previous year, hourly labour costs in the euro area rose by 2.5% in industry, by 2.3% in construction, by 2.4% in services and by 2.5% in the (mainly) nonbusiness economy. In the EU28, labour costs per hour grew by 2.4% in industry, by 2.0% in construction, by 2.5% in services, and by 2.8% in the (mainly) non-business economy. In the first quarter of 2019, the highest annual increases in hourly labour costs for the whole economy were registered in Romania (+16.3%) and Bulgaria (+12.9%), while the only decrease was recorded in Greece (-0.2%).

Ιn Cyprus the total wage cost increased by 3.4% in Q1 2019 (3.0 wage and 5.7 non wage component), after rising by 3.3%  (3.4 / 3.0) in Q4 2018 and 2.5% (2.5 / 2.4) in Q1 2018.

In Greece the total wage cost decreased by -0.2% (0.3 wage and -1.8 non wage component) in Q1 2019, after 2.5% increase in Q4 2018 (2.0 / 4.4) and 4.4% increase in Q1 2018 (4.2 / 5.2).

(Cyprus News Agency)

Top Stories

Limassol Municipal Gardens to get a face lift

Limassol Municipal Gardens are getting a face lift so as to meet new, modern needs of the coastal city’s citizens, Philenews exclusively reported on...

Police arrest two more young men after armed bank robbery

Police have arrested two 20-year-old men in connection with an armed bank robbery in Nicosia around noon on Friday, police said on Saturday. Hours earlier,...

High fire hazard at barbecue areas during August 15 holiday

Cyprus on Saturday marks August 15, the Assumption of the Virgin Mary, and thousands of holiday makers will drive up to the mountains to...

Trump, France’s Macron voice concern about Greece-Turkey tensions

U.S. President Donald Trump and French President Emmanuel Macron "expressed concern over increased tension between NATO Allies Greece and Turkey" during a call late on Friday,...

Malta and Russia agree to amend their taxation treaty

Russia and Malta have agreed to amend their taxation treaty, Russia's finance ministry said on Friday, raising the withholding tax rate for interest and...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...