This quarterly review analyses the effects of the coronavirus pandemic on jobs and incomes. It shows that policy measures cushioned the impact of the coronavirus crisis. Employment fell less than GDP and unemployment remained stable in the past months. Nonetheless, big challenges remain. The impact of the crisis on young people is very serious, and unemployment may well rise over the next few months, as more people will actively be seeking work.
This review also shows that the coronavirus crisis has caused an unprecedented loss in income from work. The impact has been particularly hard on workers who are already disadvantaged, such as the young and those on temporary contracts. Measures to compensate for lost wages have helped buffer the blow and support low-paid workers, who are disproportionally affected.
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