Entering the labour market at a relatively bad time may have life-long implications that go beyond the loss of income, and affect broader determinants of well-being, such as skills depreciation, weak integration in the labour market and low self-esteem. The recession has worsened the relative situation of low-skilled youth, as demand for labour from some of their traditional employers, such as retail trade and hotels and restaurants, has shrunk, even though it has recovered somewhat since 2010. Furthermore, they are facing increasing competition from recent graduates, more than a third of which are now employed in low-skill jobs. Fiscal consolidation involves large job cuts in the public sector.