A study conducted by Benjamin Schoefer reveals that long-term employment is rare in the United States, accounting for less than 9% of jobs. In contrast, the figure exceeds 30% in certain European countries such as Greece, Italy, and Portugal.
Conversely, the United States boasts the highest proportion of “young” jobs, with 20% of workers having started their jobs within the past year. No European country surpasses this level of job market turnover.
This paper, which is scheduled for discussion in a session on Tuesday, July 1, at the ECB Forum, also addresses fixed-term contracts, highlighting their varying usage across European nations, even within specific “country groups.”
These contracts “are prevalent in most ‘Mediterranean’ countries (Portugal, Italy, Spain, and France) — though less so in Greece,” the researcher concluded. Meanwhile, within the ‘continental’ cluster, Austria uses such contracts slightly less than Germany.
The Nordic countries “have seen an increase in fixed-term contracts, even in Denmark, where its ‘flexicurity’ system [a blend of flexibility and security] might have been expected to better accommodate turnover in open-ended contracts.”
The ECB Forum is a three-day event held from June 30 to July 2 in Sintra, bringing together key figures in monetary policy, including Jerome Powell, Chairman of the U.S. Federal Reserve, and Andrew Bailey, Governor of the Bank of England.
