COVID-19 pandemic and unemployment dynamics in European economies

Figures & data

Figure 1. COVID-19 and unemployment in Europe.

Source: Author's calculations.

Table 1. Descriptive statistics.

		Mean	Maximum	Minimum	Std. Dev.	Skewness	Kurtosis	Jarque-Bera	Probability
France	Unemployment	8.077	9.400	6.900	0.785	0.157	1.772	0.870	0.647
	COVID-19cases	6.247	10.07	0.000	3.572	−0.906	2.346	2.008	0.366
	COVID-19deaths	3.172	6.837	0.000	2.290	−0.034	1.992	0.553	0.758
Germany	Unemployment	4.123	4.600	3.300	0.457	−0.696	1.987	1.605	0.448
	COVID-19cases	5.764	10.02	0.000	3.534	−0.789	2.292	1.622	0.444
	COVID-19deaths	2.439	5.236	0.000	2.122	0.123	1.488	1.272	0.530
Italy	Unemployment	9.131	9.800	7.400	0.666	−1.392	4.409	5.275*	0.072
	COVID-19cases	5.869	10.61	0.000	3.668	−0.695	2.201	1.392	0.499
	COVID-19deaths	3.385	6.335	0.000	2.482	−0.191	1.545	1.226	0.542
Spain	Unemployment	15.43	16.90	13.50	1.205	−0.625	1.946	1.448	0.485
	COVID-19cases	6.029	9.857	0.000	3.767	−0.753	2.072	1.696	0.428
	COVID-19deaths	3.175	6.405	0.000	2.322	−0.170	1.633	1.075	0.584
UK	Unemployment	4.162	4.900	3.700	0.369	0.640	2.300	1.154	0.562
	COVID-19cases	6.317	10.04	0.000	3.470	−0.868	2.459	1.790	0.409
	COVID-19deaths	3.182	6.737	0.000	2.478	0.055	1.580	1.099	0.577

Note: ***, **, and * denotes significance level at 1%, 5%, and 10%, respectively.

Source: Author's calculations.

Table 2. Unemployment without and with COVID pandemic in Europe.

	Without COVID pandemic in 2019	With the COVID pandemic in 2020	Z-test	Change
France	8.466	8.002	−0.464*	Negative
Germany	3.133	4.223	1.090**	Positive
Italy	9.875	9.003	−0.872*	Negative
Spain	14.12	15.52	1.400***	Positive
UK	3.741	4.234	0.493*	Positive

Source: Author's calculations.

Table 4. Unit root results.

	COVID-19 cases		COVID-19 deaths		Unemployment
	I(0)	I(1)	I(0)	I(1)	(0)	(1)
France	−1.695	−2.786*	−1.774	−2.629*	−1.775	−3.989**
Germany	−1.447	−3.029**	−1.675	−3.256**	−3.139
Italy	−1.558	−3.108**	−1.573	−2.635*	−1.771	−2.653*
Spain	−1.619	−3.062*	−1.517	−2.680*	−1.402	3.173*
UK	−1.712	--2.785*	−1.568	−3.077*	−1.448	2.668*

Note: ***, **, and * denote significance level at 1%, 5%, and 10%, respectively.

Source: Author's calculations.

Table 5. COVID-19 causing unemployment rate in Europe.

	(COVID-19cases → Unemployment)			(COVID-19deaths → Unemployment)
	F-Statistic	Prob.	Adj-R2	F-Statistic	Prob.	Adj-R2
France	0.617	0.571	0.03	0.007	0.993	0.05
Germany	4.053*	0.071	0.06	1.079	0.398	0.07
Italy	7.189**	0.026	0.07	10.52**	0.011	0.06
Spain	0.261	0.778	0.04	0.499	0.630	0.06
UK	2.858*	0.086	0.08	3.352*	0.072	0.05

Note: ***, **, and * denotes significance level at 1%, 5%, and 10%, respectively.

Source: Author's calculations.

Table 3. Correlation Matrix.

		Unemployment	COVID-19cases	COVID-19deaths
France	Unemployment	1
	COVID-19cases	0.401**	1
	COVID-19deaths	0.176	0.829***	1
Germany	Unemployment	1
	COVID-19cases	0.880***	1
	COVID-19deaths	0.567**	0.812***	1
Italy	Unemployment	1
	COVID-19cases	−0.464*	1
	COVID-19deaths	−0.738**	0.876***	1
Spain	Unemployment	1
	COVID-19cases	0.816***	1
	COVID-19deaths	0.621**	0.836***	1
UK	Unemployment	1
	COVID-19cases	0.535**	1
	COVID-19deaths	0.146	0.846***	1

Note. ***, **, and * denotes significance level at 1%, 5%, and 10%, respectively.

Source: Author's calculations.