Eurozone unemployment remains unchanged in July 2018

September 2, 2018 10:47 amComments Off on Eurozone unemployment remains unchanged in July 2018Views: 43

Eurozone unemploymentThe unemployment in the Eurozone in July remains unchanged at 8.2% from the previous month. This is clear from seasonally adjusted Eurostat data. For comparison, in July 2017 the share of people without work in the Eurozone was 9.1%. The current level is the lowest for the Eurozone since November 2008

In the European Union, unemployment is at 6.8% in July, improving from 6.9% in June and 7.6% in July 2017. The share of people without work in the EU last month is the lowest its level since April 2008.

According to Eurostat estimates, 16.823 million people in the EU, including 13.381 million people in the Eurozone, were unemployed in July this year. Compared to the previous month, the number of unemployed decreased by 82,000 in the EU and by 73,000 in the Eurozone. Compared to July last year, the unemployment declined by 1.949 million people in the EU and 1.368 million people in the Eurozone.

In July 2018, the unemployment was lowest in the Czech Republic – 2.3%, Germany – 3.4%, and Poland – 3.5%. The highest unemployment rate was registered in Greece – 19.5% (in May 2018) and Spain – 15.1%.

An annual reduction in the number of people without work is observed in all members of the European Union. The largest decline was recorded in Cyprus (from 10.7% to 7.7%), Greece (from 21.7% to 19.5%), Portugal (from 8.9% to 6.8%) and Croatia (from 10.9% to 8.8%).

For comparison, in July 2018, the US unemployment was at 3.9%, down from 4% in June and 4.3% from the same month last year.

Last month, 3.325 million young people (under 25) were unemployed in the EU, including 2.365 million in the Eurozone. On an annual basis, the youth unemployment declined by 466,000 in the EU and 294,000 in the Eurozone. The youth unemployment is at 14.8% in the EU and 16.6% in the Eurozone, compared with 16.8% and 18.7% in the same month in 2017.

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