The labour-market recovery in southern Europe still has further to go
is on the hunt for workers. The boss of Ciclo Fapril, a firm that makes metal components for foreign manufacturers, needs to hire 200 staff by the end of the year to meet new orders. But luring workers—even unskilled ones—to Agueda, a rural town in central Portugal, is proving difficult. To attract more, he is running open days, setting up internships and building relationships with local schools.
Even so, the labour-market recovery in the south has further to go. Unemployment rates are above pre-crisis levels in Greece, Italy and Spain; youth rates are still 30-40%. Part of the explanation is anaemic economic growth. In Greece and Italy, output is still below pre-crisis peaks. High unemployment also reflects a long-standing feature of southern labour markets: a relatively large share of workers cycle in and out of temporary jobs. Cushy contracts for permanent workers, with high severance pay and lengthy appeals procedures, make it costly for bosses to sack them. Instead they hire lots of temporary staff, and respond to downturns by cutting their wages or not renewing their contracts.
Another risk is that reforms may be rolled back. France is an exception: since 2018 it has taken steps to encourage permanent hiring and vocational training. But farther south a backlash against wage austerity is encouraging governments to adopt risky measures.
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