Euro Area Jobless Rate Falls to 10-1/2-Year Low

The seasonally adjusted unemployment rate in the Euro Area fell to 7.7 percent in March 2019 from 7.8 percent in the previous month and below market expectations of 7.8 percent. It was the lowest jobless rate since September 2008, as the number of unemployed continued to decline. A year earlier, unemployment rate was higher at 8.5 percent.

Compared with February, the number of unemployed in the Euro Area decreased by 174,000 to 12,630 million. Compared with the previous year, it dropped by 1.172 million.

Considering the European Union as a whole, the jobless rate declined to 6.4 percent from 6.5 percent in February, and lower than a 7.0 percent a year earlier. It was the lowest rate recorded since the start of the EU monthly unemployment series in January 2000. The number of unemployed decreased by 172,000 from February to 15.907 million and went down by 1.430 million from February of 2018.

Among the Member States, the lowest unemployment rates in March 2019 were registered in Czech Republic (1.9 percent), Germany (3.2 percent) and the Netherlands (3.3 percent) and the highest rates were recorded in Greece (18.5 percent in January), Spain (14.0 percent) and Italy (10.2 percent). Compared with a year ago, the unemployment rate dropped in all Member States except Denmark (between February 2018 and February 2019) and Sweden where it remained stable. The largest declines were observed in Greece (from 20.6 percent to 18.5 percent between January 2018 and January 2019), Cyprus (from 9.0 percent to 7.0 percent), and Estonia (from 6.7 percent to 4.6 percent).

The youth unemployment rate was 14.5 percent in the EU28 and 16.0 percent in the Euro Area, down from 15.5 percent and 17.4 percent respectively in March 2018. 3.282 million young persons (under 25) were unemployed in the EU28, of whom 2.325 million were in the Euro Area. Compared with March 2018, youth unemployment went down by 189,000 in the EU28 and by 150,000 in the Euro Area. The lowest rates were registered in Germany (5.6 percent), Czech Republic (6.3 percent) and the Netherlands (6.4 percent), while the highest were recorded in Greece (39.7 percent in January 2019), Spain (33.7 percent) and Italy (30.2 percent).

 Euro Area Jobless Rate Falls to 10-1/2-Year Low

Eurostat | Stefanie Moya |
4/30/2019 9:18:03 AM