Eurozone Jobless Rate Unchanged at 10.1% in July


The seasonally adjusted unemployment rate in the Euro Area came in at 10.1 percent in July 2016 unchanged from the June rate and down from 10.8 percent a year earlier, remaining at the lowest level since July 2011. Meanwhile, markets were expecting the jobless rate to decline to 10 percent.

The EU28 unemployment rate was 8.6 percent, stable compared to June 2016 and down from 9.4 percent in July 2015. This remains the lowest rate recorded in the EU28 since March 2009.

Eurostat estimates that 21.063 million men and women in the EU28, of whom 16.307 million were in the euro area, were unemployed in July 2016. Compared with June 2016, the number of persons unemployed decreased by 29 000 in the EU28 and by 43 000 in the euro area. Compared with July 2015, unemployment fell by 1.688 million in the EU28 and by 1.034 million in the euro area.

Among the Member States, the lowest unemployment rates in July 2016 were recorded in Malta (3.9 percent) as well as in the Czech Republic and Germany (both 4.2 percent). The highest unemployment rates were observed in Greece (23.5 percent in May 2016) and Spain (19.6 percent). Compared with a year ago, the unemployment rate in July 2016 fell in twenty-four Member States, remained stable in Denmark, while it increased in Estonia (7 percent from 6.1 percent between June 2015 and June 2016), Austria (6 percent from 5.7 percent) and Belgium (8.3 percent from 8.1 percent). The largest decreases were registered in Cyprus (11.6 percent from 15 percent), Croatia (13.2 percent from 16.5 percent) and Spain (19.6 percent from 21.9 percent).

There were 4.276 million young persons (under 25) unemployed in the EU28, of whom 2.969 million were in the euro area. Compared with July 2015, youth unemployment decreased by 310 000 in the EU28 and by 136 000 in the euro area. The youth unemployment rate was 18.8 percent in the EU28 and 21.1 percent in the euro area, compared with 20.2 percent and 22.1 percent respectively in July 2015. The lowest rates were observed in Malta (7.1 percent) and Germany (7.2 percent), and the highest in Greece (50.3 percent in May 2016), Spain (43.9 percent) and Italy (39.2 percent).

Eurozone Jobless Rate Unchanged at 10.1% in July


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
8/31/2016 10:50:30 AM