Abstract

The outbreak of the corona virus pandemic confronted labour market data users with multiple challenges. At the surface level, government mandated lockdowns and economic uncertainty directly impacted the numbers of people working; doing so in a way which was heterogenous across countries and occupations. On a deeper level, due to the rapid nature of developments in the unfolding pandemic, users monitoring the labour market needed access to greater volumes, of higher frequency data with a higher granularity than traditional short-term and structural indicators could provide.
This presentation examines the shift in methods and indicators used to study labour market developments by the European Central Bank in response to the COVID-19 pandemic. It highlights the value of having harmonized and timely data at the euro area and national level, proposes the derivation of a new variable in the EU LFS and calls for greater collaboration and alignment between statistical agencies and non-traditional providers of labour market data.