Eurozone Unemployment Rate Stable at 10.1% in August


The seasonally adjusted unemployment rate in the Euro Area stood at 10.1 percent in August 2016, unchanged from the July rate and down from 10.7 percent a year earlier. The figure came in worse than market expectations of 10 percent but remained at its lowest level since July 2011.

The EU28 unemployment rate was 8.6 percent, stable compared to July 2016 and down from 9.3 percent in August 2015. This remains the lowest rate recorded in the EU28 since March 2009.

Eurostat estimates that 20.973 million men and women in the EU28, of whom 16.326 million were in the euro area, were unemployed. Compared with July 2016, the number of persons unemployed decreased by 40 000 in the EU28, while it increased by 8 000 in the euro area. Compared with August 2015, unemployment fell by 1.587 million in the EU28 and by 875 000 in the euro area. 

Among the Member States, the lowest unemployment rates in August 2016 were recorded in the Czech Republic (3.9%) and Germany (4.2%). The highest unemployment rates were observed in Greece (23.4% in June 2016) and Spain (19.5%). Compared with a year ago, the unemployment rate in August 2016 fell in twenty-four Member States, remained stable in Denmark, while it increased in Estonia (to 6.8 percent from 5.3 percent July 2015), Austria (6.2 percent from 5.7 percent) and Belgium (8.2 percent from 8 percent). The largest decreases were registered in Croatia (12.9 percent from 16.6 percent) and Cyprus (12.1 percent from 14.7 percent).

There were 4.199 million young persons (under 25) were unemployed in the EU28, of whom 2.927 million were in the euro area. Compared with August 2015, youth unemployment decreased by 381 000 in the EU28 and by 209 000 in the euro area. In August 2016, the youth unemployment rate was 18.6 percent in the EU28 and 20.7 percent in the euro area, compared with 20.1 percent and 22.3 percent respectively in August 2015. In August 2016, the lowest rate was observed in Germany (6.9 percent), and the highest were recorded in Greece (47.7 percent in June 2016), Spain (43.2 percent) and Italy (38.8 percent). 

Eurozone Unemployment Rate Stable at 10.1% in August


Eurostat | Joana Ferreira | joana.ferreira@tradingeconomics.com
9/30/2016 9:13:09 AM