Euro Area Jobless Rate at 11.6% in May


The Euro Area seasonally-adjusted unemployment rate was 11.6 percent in May 2014, stable compared with April 2014 but down from 12.0 percent in May 2013.

The EU28 unemployment rate was 10.3% in May 2014, down from 10.4% in April 2014, and from 10.9% in May 2013.

Eurostat estimates that 25.184 million men and women in the EU28, of whom 18.552 million were in the euro area, were unemployed in May 2014. Compared with April 2014, the number of persons unemployed decreased by 63 000 in the EU28 and by 28 000 in the euro area. Compared with May 2013, unemployment fell by 1.361 million in the EU28 and by 636 000 in the euro area. 

Among the Member States, the lowest unemployment rates were recorded in Austria (4.7%), Germany (5.1%) and Malta (5.7%), and the highest in Greece (26.8% in March 2014) and Spain (25.1%). 

Compared with a year ago, the unemployment rate fell in twenty one Member States, increased in six and remained stable in Austria. The largest decreases were registered in Hungary (10.5% to 7.9% between April 2013 and April 2014), Portugal (16.9% to 14.3%) and Ireland (13.9% to 12.0%), and the highest increases in Luxembourg (5.8% to 6.3%), Italy (12.1% to 12.6%), Finland (8.1% to 8.5%) and the Netherlands (6.6% to 7.0%). 

In May 2014, 5.187 million young persons (under 25) were unemployed in the EU28, of whom 3.356 million were in the euro area. Compared with May 2013, youth unemployment decreased by 464 000 in the EU28 and by 205 000 in the euro area. 

In May 2014, the youth unemployment rate was 22.2% in the EU28 and 23.3% in the euro area, compared with 23.6% and 23.9% respectively in May 2013. In May 2014, the lowest rates were observed in Germany (7.8%), Austria (8.9%) and the Netherlands (10.8%), and the highest in Greece (57.7% in March 2014), Spain (54.0%) and Croatia (48.7% in the first quarter of 2014).

Euro Area Jobless Rate at 11.6% in May


Anna Fedec | anna@tradingeconomics.com
7/1/2014 10:09:44 AM