part-time workers who want to work more), (3) people who are available to work but are not looking for work and (4) people who are looking for work but are not available for work. Labour market slack refers to the sum of all unmet employment demands and includes four groups: (1) unemployed people as defined by the International Labour Organisation (ILO), (2) underemployed part-time workers (i.e. This article is part of the online publication Labour market in the light of the COVID 19 pandemic - quarterly statistics. Using quarterly seasonally adjusted Labour Force Survey (LFS) data, it presents both the global EU level and the national level in the respective Member States, in three EFTA countries (Iceland, Norway and Switzerland) and three candidate countries (North Macedonia, Serbia and Turkey). This article investigates the labour market recovery after the downturn due to the COVID-19 pandemic, looking at the overall labour market slack and its specific components. These population subgroups are gathered under the concept of labour market slack.
Indeed, to better reflect the unmet need for employment, one may consider, in addition to unemployed people, part-time workers who want to work more, people who are available to work but do not look for work, and people who are looking for work but are not immediately available. However, the latest developments in the labour market linked to the COVID-19 pandemic and its containment measures have highlighted the relevance of looking further than unemployment to report on the unmet demand for employment. According to the International Labour Organisation (ILO) criteria, a person is considered unemployed if he/she is not working, is available to start working within two weeks and is actively looking for a job.
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