Euro Area Unemployment Rate Hits a New Record High in May


In May, Euro Area seasonally-adjusted unemployment rate was 12.2 percent, up from 12.1 percent in April. The number of jobless people rose to 19.34 million, up 67,000 from the previous month. Youth unemployment was at 23.9 percent.

In May, 26.52 million men and women in the European Union, of whom 19.34 million were in the Euro Area, were unemployed. Compared with April, the number of persons unemployed increased by 15 000 in the EU and by 67 000 in the Euro Area. Compared with May of 2012, unemployment rose by 1.44 million in the EU and by 1.46 million in the Euro Area.
 
Among the Member States, the lowest unemployment rates were recorded in Austria (4.7 percent), Germany (5.3 percent) and Luxembourg (5.7 percent), and the highest in Spain (26.9 percent) and Greece (26.8 percent in March 2013).
 
Compared with a year ago, the unemployment rate increased in seventeen Member States and fell in ten. The highest increases were registered in Cyprus (11.4 percent to 16.3 percent), Greece (22.2 percent to 26.8 percent between March 2012 and March 2013) and Slovenia (8.6 percent to 11.2 percent).
 
The largest decreases were observed in Latvia (15.5 percent to 12.4 percent between the first quarters of 2012 and 2013), Estonia (10.0 percent to 8.3 percent between April 2012 and April 2013) and Lithuania (13.3 percent to 11.7 percent).

In May 2013, 5.501 million young persons (under 25) were unemployed in the EU27, of whom 3.531 million were in the euro area. Compared with May 2012, youth unemployment decreased by 77 000 in the EU27 and increased by 60 000 in the euro area.

The youth unemployment rate was 23.0 percent in the EU27 and 23.8 percent in the euro area, compared with 22.8 percent and 23.0 percent respectively in May 2012. The lowest rates were observed in Germany (7.6 percent), Austria (8.7 percent) and the Netherlands (10.6 percent), and the highest in Greece (59.2 percent in March 2013), Spain (56.5 percent) and Portugal (42.1 percent).

Euro Area Unemployment Rate Hits a New Record High in May


Eurostat | Nuno Fontes | nuno@tradingeconomics.com
7/2/2013 1:42:28 PM