Eurozone Jobless Rate Above Forecasts

The unemployment rate in the Euro Area was steady at 8.1 percent in October of 2018, the same as in each of the previous three months but higher than market expectations of 8 percent. It remained the lowest jobless rate since November of 2008.

Compared with September, the number of unemployed in the Euro Area rose by 12,000 to 13.172 million. Compared with the previous year, it declined by 1.121 million.

Considering the European Union as a whole, the unemployment rate was 6.7 percent in October, stable compared with September and down from 7.4 percent in October of 2017. This remains the lowest rate for the EU since the series began in January of 2000. There were 16.626 million unemployed people, down by 4,000 from the previous month and by 1.523 million from the previous year. 

Among the Member States, the lowest unemployment rates in October 2018 were recorded in Czech Republic (2.2 percent) and Germany (3.3 percent). The highest were observed in Greece (18.9 percent in August 2018) and Spain (14.8 percent). In France, the jobless rate was 8.9 percent and in Italy 10.6 percent.

In October 2018, 3.468 million young persons (under 25) were unemployed in the EU28, of whom 2.503 million were in the Euro Area. Compared with October 2017, youth unemploym percent in the Euro Area, compared with 16.3 percent and 18.1 percent respectively in October 2017. In October 2018, the lowest rates were observed in Czech Republic (5.2 percent), Germany (6.2 percent) and the Netherlands (7.2 percent), while the highest were recorded in Greece (36.8 percent in August 2018), Spain (34.9 percent) and Italy (32.5 percent).

Eurozone Jobless Rate Above Forecasts

Eurostat | Joana Taborda |
11/30/2018 10:19:24 AM