After adjusting for pandemic-related nonparticipation, the ratio of job openings to job seekers was about 0.85 in July—nearly one-third below the headline ratio—and similar to levels last seen between 2014 and 2016—suggesting there is ample room for a full recovery in employment. 13 The assertion that labor force participation has moved permanently lower as a result of a downturn is not new.
The theme of the morning sessions – the economic and financial priorities for fostering growth and innovation in the EU – could not be more pertinent. Apart from managing immigration better and reinforcing external and internal security, our key policy challenge in the coming years will be no less than boosting an economic and industrial revival of Europe.