Tuesday, November 29, 2022

Eurozone unemployment repeats at the historical low of 6.6% in August

Unemployment in the eurozone remained unchanged in the month of August at a rate of 6.6%, which is why it remains the lowest level of unemployment among the Nineteen of the entire historical series, which dates back to April 1998, according to the data published by Eurostat, the community statistical office.

The unemployment rate in the eurozone thus remains eight tenths below the level prior to the pandemic, since in February 2020 unemployment among the euro countries was 7.4%.

Likewise, in the European Union as a whole, the unemployment rate remained unchanged in August, up to 6%, compared to 6.8% a year earlier. It is also the lowest level of unemployment among the Twenty-seven.

The European Statistical Office estimates that 12.921 million people were unemployed in the EU in August 2022, of which 10.966 million were in the euro zone. This represents a monthly decrease of 52,000 and 30,000 people, respectively.

Compared to August 2021, the number of jobless people fell by 1,682 million in the EU and by 1,358 million in the euro zone.

Among the Twenty-seven, the highest unemployment rates corresponded to Spain, with 12.4%; Greece, with 12.2%; and Italy, with 7.8%. On the contrary, the lowest unemployment figures were observed in the Czech Republic (2.4%), Poland (2.6%) and Malta (2.9%).

In the case of those under 25 years of age, the unemployment rate in the euro zone fell by one tenth, to 13.9%, while in the EU as a whole the figure was 13.8%, unchanged.

In absolute terms, the number of unemployed young people in the EU reached 2,614 million people in the eighth month of the year, of which 2,136 million corresponded to the eurozone.

In the case of Spain, in June 2022, 2,902 million people were unemployed, of which 441,000 were under 25 years of age.

Thus, the youth unemployment rate in Spain was 26.6%, the second highest among the Twenty-seven, behind the 28.6% in Greece and ahead of the 24.6% in Estonia.

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