In addition to the macroeconomic relationship between the level of economic activity, employment and unemployment, this article discusses how the transmission of a real economic impulse to the results of employment and unemployment can be promptly mapped using a broad set of indicators. For this purpose, about 20 indicators, which statistically map individual changes relevant to labor market development from different sources, are identified and ordered according to their temporal proximity to the exogenous corona shock to real economic processes. From this, an indicator set is derived, which condenses the most immediately available information relevant to the labor market into a monthly updated labor market monitoring system and classifies the current state of development.
IW Labour Market Monitoring Labour market effects of the corona crisis as reflected by monthly indicators
The labor market effects of the Corona crisis will gradually become apparent in the large labor market aggregates of employment and unemployment. In the event of a noticeable slump in economic performance, a serious impact on the labor market appears to be unavoidable despite the most comprehensive financial package in German economic history.
- Hans-Peter Klös / Holger Schäfer ·
- IW-Report No. 12 ·
- 2 April 2020