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Eurozone Kurzarbeit - This time is different

June 03 2020
Figure 1: Unemployment rate & number of workers in short-work schemes (% of 2019 labor force)
Sources: Refinitiv, Allianz Research
Figure 2: Use of state guaranteed loans & partial unemployment
Figure 2: Use of state guaranteed loans & partial unemployment
Source: Allianz Research
Figure 3: Euler Hermes Sector Risk Rating for Germany vs. use of Kurzarbeit
EH Sector Risk Rating for Germany vs. use of Kurzarbeit
Sources: Euler Hermes, ifo Institute, Allianz Research
Figure 4: Employment (as share of total)  in “late-bloomer” sectors
Figure 4: Employment (as share of total) in “late-bloomer” sectors
Sources: Eurostat, Allianz Research 
Figure 5: Zombie Employment
Figure 5: Zombie employment

Sources: Eurostat, Allianz Research