Euro Area Unemployment Rate at 11.7 in October


The euro area seasonally-adjusted unemployment rate was 11.7% in October 2012, up from 11.6% in September.

Eurostat estimates that 25.913 million men and women in the EU27, of whom 18.703 million were in the euro area, were unemployed in October 2012. Compared with  September 2012, the number of persons unemployed increased by 204 000 in the EU27 and by 173 000 in the euro area. Compared with October 2011, unemployment rose by 2.160 million in the EU27 and by 2.174 million in the euro area.

Among the Member States, the lowest unemployment rates were recorded in  Austria (4.3%),  Luxembourg (5.1%), Germany (5.4%) and the Netherlands (5.5%), and the highest in Spain (26.2%) and Greece (25.4% in August 2012).  Compared with a year ago, the unemployment rate increased in sixteen Member States, fell in nine and remained stable in  Austria and  Slovenia. The largest decreases were observed in  Estonia (11.5% to 9.6% between September 2011 and September 2012), Lithuania (14.2% to 12.4%) and Latvia (15.7% to 14.2% between the third quarters of 2011 and 2012). The  highest increases were registered in Greece (18.4% to 25.4% between August 2011 and August 2012), Cyprus (9.2% to 12.9%), Spain (22.7% to 26.2%) and  Portugal (13.7% to 16.3%).

Between October 2011 and October 2012, the unemployment rate for males increased from 10.3% to 11.6% in the euro area and from 9.8% to 10.7% in the EU27. The female unemployment rate rose from 10.7% to 11.8% in the euro area and from 10.0% to 10.7% in the EU27.

In October 2012, 5.678 million young persons (under 25) were unemployed in the EU27, of whom 3.609 million were in the euro area. Compared with October 2011, youth unemployment rose by 279 000 in the EU27 and by 350 000 in the euro area. In October 2012, the youth unemployment rate was 23.4% in the EU27 and 23.9% in the euro area, compared with 21.9% and 21.2% respectively in October 2011. In October 2012 the lowest rates were observed in Germany (8.1%), Austria (8.5%) and the Netherlands (9.8%) and the highest in Greece (57.0% in August 2012) and Spain (55.9%).


TradingEconomics.com, Eurostat
11/30/2012 10:07:12 AM