Euro Area Jobless Rate Falls Further to 8.8%

The unemployment rate in the Euro Area declined to 8.8 percent in October of 2017 from 8.9 percent in September and 9.8 percent in October 2016. It is the lowest jobless rate since January of 2009 as the number of unemployed persons declined.

The number of unemployed persons was 14.344 million, down by 88,000  from September and by 1.473 million from October of 2016. 

Considering the whole European Union, the unemployment rate was 7.4 percent in October of 2017, down from 7.5 percent in September and 8.3 percent in October of 2016. This is the lowest rate recorded in the EU 28 since November of 2008. There were 18.243 million unemployed, down by 111,000 from September and by 2.074 million from a year earlier.

Among Member States, the lowest unemployment rates were recorded in the Czech Republic (2.7 percent), Malta (3.5 percent) and Germany (3.6 percent) while the highest were observed in Greece (20.6 percent in August 2017) and Spain (16.7 percent). Compared with a year ago, the unemployment rate fell in all Member States for which data is comparable over time, except Finland where it remained stable. The largest decreases were registered in Cyprus (from 13.1 percent to 10.2 percent) and Greece (from 23.4 percent to 20.6 percent between August 2016 and August 2017).

In October of 2017, 3.722 million young persons were unemployed in the EU 28, of whom 2.657 million were in the Euro Area. Compared with October of 2016, youth unemployment decreased by 380,000 in the EU 28 and by 201,000 in the Euro Area. The youth unemployment rate was 16.5 percent in the EU 28 and 18.6 percent in the Euro Area, compared with 18.2 percent and 20.3 percent respectively in October 2016. The lowest rates were observed in Germany (6.6 percent) and the Czech Republic (7.2 percent), while the highest were recorded in Greece (40.2 percent in August 2017), Spain (38.2 percent) and Italy (34.7 percent).

Euro Area Jobless Rate Falls Further to 8.8%

Eurostat | Joana Taborda |
11/30/2017 10:50:31 AM