More than 72,000 job cuts were announced in Europe between 1 April and 30 June 2007 as a result of 335 company restructuring cases, according to the latest European Restructuring Monitor (ERM) Quarterly.

The report found that the UK records the largest numbers of job losses, followed by Poland, Italy, the Netherlands and Germany. These five countries made up 67% of all announced job losses in the quarter.

It found that internal restructuring remains the most frequent reason for job losses (55%), followed by bankruptcy/closure (21%) and merger/acquisition (15%). Off-shoring and delocalisation accounted for less than 3% of all jobs lost.

The report found that 95,588 new jobs were announced in the quarter, 97% are created because of expanding business activities. It found that New Member States account for 73% of new job creations.