News Local Euro area unemployment at 7.4%, 10.2% in Cyprus

Euro area unemployment at 7.4%, 10.2% in Cyprus

In May 2020, a third month marked by COVID-19 containment measures in most Member States, the euro area seasonally-adjusted unemployment rate was 7.4%, up from 7.3% in April 2020, according to a new Eurostat report published on Thursday.

The EU unemployment rate was 6.7% in May 2020, up from 6.6% in April 2020. Eurostat estimates that 14,366 million men and women in the EU, of whom 12,146 million in the euro area, were unemployed in May 2020. Compared with April 2020, the number of persons unemployed increased by 253,000 in the EU and by 159,000 in the euro area.

In Cyprus, the unemployment rate was 10.2% in May 2020 (9.7% for men and 10.8% for women that amounts to 47,000 people), up from 8.9% in April 2020 (41,000 people).

In May 2020, 2,815 million young persons (under 25) were unemployed in the EU, of whom 2,267 million were in the euro area. In May 2020, the youth unemployment rate was 15.7% in the EU and 16.0% in the euro area, up from 15.4% and 15.7% respectively in the previous month. Compared with April 2020, youth unemployment increased by 64,000 in the EU and by 42,000 in the euro area.

The latest available rate for youth unemployment in Cyprus is 13.4% for March 2020 (5,000 people).

In May 2020, the unemployment rate for women was 7.2% in the EU, up from 6.9% in April 2020. The unemployment rate for men was 6.4% in May 2020, stable compared with April 2020. In the euro area, the unemployment rate for women increased from 7.7% in April 2020 to 7.9% in May 2020 while it remained stable at 7.0% for men.

In Cyprus, the unemployment rate for men was 9.7% in May 2020, up from 8.5% the month before. The unemployment rate for women was 10.8%, up from 9.4% the month before.

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