Insider Economy Cyprus jobless down to 6.5% in May

Cyprus jobless down to 6.5% in May

The euro area (EA19) seasonally-adjusted unemployment rate was 7.5% in May 2019, down from 7.6% in April 2019 and from 8.3% in May 2018. This is the lowest rate recorded in the euro area since July 2008.

The EU28 unemployment rate was 6.3% in May 2019, down from 6.4% in April 2019 and from 6.9% in May 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

In Cyprus unemployment further dropped to 6.5% (29,000 individuals 5.6% in males and 7.5% in females) in May 2019, from 6.8% (30,000 individuals) in April 2019 and 8.3% (36,000) in May 2018.

The figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 15.653 million men and women in the EU28, of whom 12.348 million in the euro area, were unemployed in May 2019. Compared with April 2019, the number of persons unemployed decreased by 71m000 in the EU28 and by 103,000 in the euro area. Compared with May 2018, unemployment fell by 1.277 million in the EU28 and by 1.133 million in the euro area.

Among the Member States, the lowest unemployment rates in May 2019 were recorded in Czechia (2.2%), Germany (3.1%) and the Netherlands (3.3%).

The highest unemployment rates were observed in Greece (18.1% in March 2019), Spain (13.6%) and Italy (9.9%).

Compared with a year ago, the unemployment rate fell in 23 Member States, remained stable in Austria and increased in Denmark (from 5.0% to 5.1%), Luxembourg (from 5.6% to 5.7%), Poland (from 3.7% to 3.8%) and Sweden (from 6.2% to 6.3%).

The largest decreases were registered in Greece (from 20.2% to 18.1% between March 2018 and March 2019), Spain (from 15.4% to 13.6%) and Cyprus (from 8.3% to 6.5%).

In May 2019, the unemployment rate in the United States was 3.6%, stable compared with April 2019 and down from 3.8% in May 2018.

Finally in May 2019, 3.217 million young persons (under 25) were unemployed in the EU28, of whom 2.295 million were in the euro area.

Compared with May 2018, youth unemployment decreased by 176 000 in the EU28 and by 133 000 in the euro area. In May 2019, the youth unemployment rate was 14.3% in the EU28 and 15.7% in the euro area, compared with 15.1% and 17.0% respectively in May 2018.

In May 2019, the lowest rates were observed in Germany (5.1%) and the Netherlands (6.3%), while the highest were recorded in Greece (40.4% in March 2019), Spain (31.7%) and Italy (30.5%).

(Cyprus News Agency)

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