Work, first signs of the impact of the Russia-Ukraine war
The conflict in Ukraine is indirectly affecting the world of work at the international level. Indeed, the portal for job seekers and offers, has in fact examined the advertisements in 21 of the European countries where it operates, to analyze how the job market is responding to the crisis. It emerged that on average, jobs posted on Indeed in Europe began to stagnate in late February, coinciding with the start of the conflict. There was, on average, one lower ads for required positions in energy-intensive sectors, such as manufacturing and transportation. The hypothesis is that the war has weakened the economic prospects acting on confidence, trade and commodity prices.
On average, advertisements in these areas have decreased by five percentage points since the end of February in all countries in the sample: therefore, more than decrease of 1 percentage point registered for vacancies when considered as a whole.
“The job market – he comments Pawel AdrjanIndeed, economist and head of research for EMEA – is still robust, but the slowdown is worrying. The data offers evidence that the conflict is having a real impact on the labor market. The good news is that job postings remain high relative to historical levels, indicating that many employers are pushing their hiring plans forward. But the slowdown is a concern for the short-term economic outlook ”.
Jobs, growth stalled but announcements still high compared to historical levels
Announcements are still high relative to historical levels, a positive that indicates that the job market is still relatively strong. This could help mitigate the impact of the crisis on employment. Job advertisements remain high, but growth has stalled. As of April 22, 2022, the average posts in the 21 countries in the sample examined were 45% higher than the pre-pandemic level but 8 percentage points below the pre-conflict trend. Growth stopped at the end of February. As of May 2022, announcements were 1 percentage point below the level recorded on the day of the invasion.
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