Eurozone Jobless Rate Falls to Near 5-Year Low


The seasonally adjusted unemployment rate in the Euro Area was recorded at 10.1 percent in May 2016 down from 10.2 percent from the previous month and from 11 percent reported a year earlier. It was the lowest rate since July of 2011.

The EU28 unemployment rate was 8.6 percent, down from 8.7 percent in April and from 9.6 percent in May 2015. This was the lowest rate recorded in the EU28 since March 2009. 

Eurostat estimates that 21.084 million men and women in the EU28, of whom 16.267 million were in the euro area, were unemployed. Compared with the previous month, the number of persons unemployed decreased by 96 000 in the EU28 and by 112 000 in the euro area. Compared with the same month of the previous year, unemployment fell by 2.166 million in the EU28 and by 1.440 million in the euro area.

Among the Member States, the lowest unemployment rates were recorded in the Czech Republic (4 percent), Malta (4.1 percent) and Germany (4.2 percent). The highest unemployment rates were observed in Greece (24.1 percent in March 2016) and Spain (19.8 percent). Compared with a year ago, the unemployment rate fell in twenty-six Member States, remained stable in Latvia and increased in Austria (6.1 percent from 5.9 percent). The largest decreases were registered in Cyprus (12 percent from 15.3 percent), Croatia (13.3 percent from 16.2 percent), Bulgaria (7.3 percent from 10 percent) and Spain (19.8 percent from 22.5 percent).

There were 4.197 million young persons (under 25) unemployed in the EU28, of whom 2.885 million were in the euro area. Year-on-year, youth unemployment decreased by 503 000 in the EU28 and by 270 000 in the euro area. The youth unemployment rate was 18.6 percent in the EU28 and 20.7 percent in the euro area, compared with 20.6 percent and 22.4 percent respectively in May 2015. The lowest rates were observed in Malta (6.9 percent), Germany (7.2 percent) and the Czech Republic (10.1 percent), and the highest in Greece (50.4 percent in March 2016), Spain (43.9 percent), Italy (36.9 percent) and Croatia (31.4 percent in the first quarter 2016).

Eurozone Jobless Rate Falls to Near 5-Year Low


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
7/1/2016 10:15:40 AM