Euro Area Unemployment Rate at 11.2 Percent in August


The euro area (EA17) seasonally-adjusted unemployment rate was 11.4 percent in August 2012, stable compared with July. In the Euro Area, the rate has risen compared with August 2011, when it was 10.2 percent.

Eurostat estimates that 18.196 million men and women in the euro area were unemployed in August 2012. Compared with July 2012, the number of persons unemployed increased by 34 000. Compared with August 2011, unemployment rose 2.144 million. These figures are published by Eurostat, the statistical office of the European Union. Among the Member States, the lowest unemployment rates were recorded in  Austria (4.5 percent),  Luxembourg (5.2 percent), the Netherlands (5.3 percent) and Germany (5.5 percent), and the highest in Spain (25.1 percent) and Greece (24.4 percent in June 2012). 

Compared with a year ago, the unemployment rate increased in twenty EU Member States, fell in six and remained stable in the United Kingdom. The largest falls were observed in Estonia (13.2 percent to 10.1 percent between the second quarters of 2011 and 2012),  Lithuania (15.0 percent to 12.9 percent) and  Latvia  (17.0 percent to 15.9 percent between the second quarters of 2011 and 2012). The highest increases were registered in Greece (17.2 percent to 24.4 percent between June 2011 and June 2012), Cyprus (8.0 percent to 11.7 percent), Portugal (12.7 percent to 15.9 percent) and Spain (22.0 percent to 25.1 percent). Between August 2011 and August 2012, the unemployment rate for males increased from 9.9 percent to 11.3 percent in the euro area. The female unemployment rate rose from 10.5 percent to 11.6 percent.


In August 2012, 5.458 million young persons (under 25) were unemployed in the EU27, of whom 3.392 million were in the euro area. Compared with August 2011, youth unemployment rose by 164 000 in the EU27 and by 213 000 in the euro area. In August 2012, the youth unemployment rate was 22.7 percent in the EU27 and 22.8 percent in the euro area, compared with 21.5 percent and 20.7 percent respectively in  August 2011. In August 2012 the lowest rates were observed in Germany (8.1 percent), the Netherlands (9.4 percent) and Austria (9.7 percent), and the highest in Greece (55.4 percent in June 2012) and Spain (52.9 percent).


TradingEconomics.com, Eurostat
10/1/2012 10:59:04 AM