Labour market slack in Cyprus higher than EU average, according to Eurostat

The unmet demand for employment (or labour market slack) amounted to 14.5% of the extended labour force (aged 15-74 years) in the EU during the second quarter of 2021, according to data published by Eurostat.

Eurostat notes that a major component of the labour market slack is unemployment, which amounted for almost half of the labour market slack (7.0% of the extended labour force in the EU) during the second quarter of 2021.

The remaining groups making up the labour market slack were: ‘persons available to work but not seeking employment’ (3.8% of the extended labour force), ‘underemployed part-time workers’ (2.9%) and ‘persons seeking work but not immediately available’ (0.8%).

In Cyprus, the labour market slack amounted to 16.7% of the extended labour force, which is higher than the EU average. Unemployment amounted for about half of the

Source: Cyprus News Agency