Eurozone unemployment rate lowest at 8.2 per cent in July: Eurostat

Eurozone recorded a seasonally adjusted unemployment rate of 8.2 per cent in July 2018, stable when compared to June 2018 and down from 9.1 per cent recorded during the same period last year.

This is the lowest rate recorded in the euro area since November 2008, said the statistical office of the European Union, Eurostat in a report on Friday (31).

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The European Union's (28) unemployment rate was 6.8 per cent in July 2018, down from 6.9 per cent in June 2018 and from 7.6 per cent in July 2017. This is the lowest rate recorded in the EU28 since April 2008.

Eurostat estimates that 16.823 million men and women in the EU28, of whom 13.381 million in the euro area, were unemployed in July 2018. Compared with June 2018, the number of persons unemployed decreased by 82,000 in the EU28 and by 73,000 in the euro area. Compared with July 2017, unemployment fell by 1.949 million in the EU28 and by 1.368 million in the euro area, Eurostat added.

Among the member states, the lowest unemployment rates in July 2018 were recorded in the Czech Republic (2.3 per cent), Germany (3.4 per cent) and Poland (3.5 per cent).  The highest unemployment rates were observed in Greece (19.5 per cent in May 2018) and Spain (15.1 per cent).

Compared with a year ago, the unemployment rate fell in all member states. The largest decreases were registered in Cyprus (from 10.7 per cent to 7.7 per cent), Greece (from 21.7 per cent to 19.5 per cent between May 2017 and May 2018), Portugal (from 8.9 per cent to 6.8 per cent) and Croatia (from 10.9 per cent to 8.8 per cent), Eurostat said.

Youth Unemployment

According to Eurostat, as many as 3.325 million youths (under 25) were unemployed in the EU28, of whom 2.365 million were in the euro area in July 2018. Compared with July 2017, youth unemployment decreased by 4,66,000 in the EU28 and by 2,94,000 in the euro area.

In July 2018, the youth unemployment rate was 14.8 per cent in the EU28 and 16.6 per cent in the euro area, compared with 16.8 per cent and 18.7 per cent respectively in July 2017.

In July 2018, the lowest rates were observed in Germany (6.1 per cent), Malta (6.3 per cent) and the Czech Republic (6.6 per cent), while the highest were recorded in Greece (39.7 per cent in May 2018), Spain (33.4 per cent) and Italy (30.8 per cent).