Eurozone Unemployment Rate Falls to Near 10-Year Low

The unemployment rate in the Euro Area edged down to 8.1 percent in August 2018 from the previous month's figure of 8.2 percent and below 9 percent a year earlier. It was the lowest jobless rate since November 2008, as the number of unemployed continued to fall.

Compared with July, the number of unemployed in the Euro Area decreased by 102,000 to 13.220 million. Compared with the previous year, it fell by 1.419 million.

Considering the European Union as a whole, the unemployment rate stood at 6.8 percent in August, stable compared to the previous month and down from 7.5 percent a year ago. It was the lowest rate recorded in the EU28 since April 2008. There were 16.657 million people unemployed, a decrease of 114,000 from the previous month and of 1.921 million from May 2017.

Among EU Member States, the lowest unemployment rates in August were recorded in the Czech Republic (2.5 percent), Germany and Poland (both 3.4 percent). The highest unemployment rates were observed in Greece (19.1 percent in June 2018) and Spain (15.2 percent). Compared with a year ago, the largest decreases were registered in Cyprus (7.5 percent from 10.5 percent), Croatia (8.5 percent from 10.9 percent), Greece (19.1 percent from 21.3 percent between June 2018 and June 2017) and Portugal (6.8 percent from 8.8 percent).

The youth unemployment rate was 14.8 percent in the EU28 and 16.6 percent in the Euro Area, compared with 16.6 percent and 18.5 percent respectively in August 2017. The lowest rates were observed in Germany (6.2 percent),  the Czech Republic (6.3 percent) and the Netherlands (7.7 percent), while the highest were recorded in Greece (39.1 percent in June 2018), Spain (33.6 percent) and Italy (31 percent).

Eurozone Unemployment Rate Falls to Near 10-Year Low

Eurostat | Joana Ferreira |
10/1/2018 9:15:58 AM