Euro Area Unemployment Rate Stable at 11.5%


The Euro Area seasonally-adjusted unemployment rate was 11.5% in October, unchanged from the 4 previous months, but down from 11.9% in October 2013. This is the lowest level since September of 2012. The youth unemployment rate rose to 23.5%.

Among the Member States, the lowest unemployment rates were recorded in Germany (4.9 percent) and Austria (5.1 percent), and the highest in Greece (25.9 percent in August 2014) and Spain (24.0 percent).

The European Union (EU28) unemployment rate was 10.0 percent in October 2014, also stable compared with September 2014 and down from 10.7 percent in October 2013. Compared with a year ago, the unemployment rate in October 2014 fell in twenty-two Member States, increased in five and remained stable in Luxembourg. The largest decreases were registered in Hungary (10.0 percent to 7.3 percent between September 2013 and September 2014), Portugal (15.6 percent to 13.4 percent), Spain (26.0 percent to 24.0 percent), Bulgaria (13.0 percent to 11.1 percent) and Greece (27.8 percent to 25.9 percent between August 2013 and August 2014), and the highest increases were registered in Italy (12.3 percent to 13.2 percent) and Finland (8.3 percent to 8.9 percent). 

In October, 24.413 million men and women in the EU28, of whom 18.395 million in the Euro Area were unemployed. Compared with September, the number of persons unemployed increased by 42 000 in the EU28 and by 60 000 in the Euro Area. Compared with October 2013, unemployment fell by 1.549 million in the EU28 and by 547 000 in the Euro Area. 

In October, 4.983 million young persons (under 25) were unemployed in the EU28, of whom 3.356 million were in the Euro Area. Compared with October 2013, youth unemployment decreased by 504 000 in the EU28 and by 141 000 in the Euro Area. In October 2014, the youth unemployment rate was 21.6 percent in the EU28 and 23.5 percent in the Euro Area, compared with 23.3 percent and 24.0 percent respectively in October 2013. The lowest rates were observed in Germany (7.7 percent), the Netherlands (9.7 percent) and Austria (10.0 percent), and the highest in Spain (53.8 percent), Greece (49.3 percent in August 2014), Italy (43.3 percent) and Croatia (41.5 percent in the third quarter 2014). 

Euro Area Unemployment Rate Stable at 11.5%


Eurostat | Nuno Fontes | nuno@tradingeconomics.com
11/28/2014 1:22:08 PM