Most new jobs created in new Member States
A total of 80,485 new jobs were announced in Europe's financial media as a result of 146 company restructuring cases during the last quarter of 2005, the latest European Restructuring Monitor Quarterly reveals. In total, the European Restructuring Monitor (ERM) recorded 360 cases of company restructuring in the former EU15, the ten new Member States and two acceding countries, Bulgaria and Romania. During this period, 101,689 job cuts were announced.
Over half of the planned new job creations relate to expanding business activities in the new EU Member States. Out of a total of 44,126 new jobs created in these countries, primarily in the manufacturing, retail, and transport and communication sectors, Poland accounts for 18,002, Romania 13,195 and Slovakia 12,929.
The majority of job losses occurred as a result of internal restructuring, bankruptcies and closures. The sectors most affected by the cuts are manufacturing, public administration and the financial sector.
`The trend of continued net job losses across the 27 countries ERM monitors is in line with previous quarters,' says Jorma Karppinen, the Foundation's Director, commenting on the new report. `However, the interesting fact is that more than half of the announced new job creations are located in the new EU Member States.'
The latest European Restructuring Monitor Quarterly also provides a country profile of Sweden, exploring the economic and labour market issues related to company restructuring. During the fourth quarter of 2005, the Swedish labour market experienced a small degree of restructuring, with some 1.96 job losses announced per 10,000 employees, as the country continued the economic upsurge begun in 2004. The Quarterly also provides an insight into the EU chemicals sector, a leading industry significantly affected by restructuring activities during this period with 24 cases, accounting for 3,471 job losses and 5,440 job creations.
The full report is available on the EMCC website
For further information, contact:
-Måns Mårtensson, Press Officer, by email, or telephone +353-1-204 3124 or mobile +353-876-593 507