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Euro area unemployment down to 7.5% in October, up to 7.1% in Cyprus

The euro area (EA19) seasonally-adjusted unemployment rate was 7.5% in October 2019, down from 7.6% in September 2019 and from 8.0% in October 2018 — the lowest rate recorded in the euro area since July 2000,  according to figures released today by Eurostat.

In Cyprus unemployment increased to 7.1% in October from 7.0 in September (remained close to 31 000 individuals, 5.8% for males and 8.4% for females), while a year ago in October 2018 it was 7.5%.

The EU28 unemployment rate was 6.3% in October 2019, stable compared with September 2019 and down from 6.7% in October 2018. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.583 million men and women in the EU28, of whom 12.334 million in the euro area, were unemployed in October 2019. Compared with September 2019, the number of persons unemployed decreased by 29 000 in the EU28 and by 31 000 in the euro area. Compared with October 2018, unemployment fell by 939 000 in the EU28 and by 761 000 in the euro area.

Among the Member States, the lowest unemployment rates in October 2019 were recorded in Czechia (2.2%), Germany (3.1%) and Poland (3.2%). The highest unemployment rates were observed in Greece (16.7% in August 2019) and Spain (14.2%). Compared with a year ago, the unemployment rate fell in 24 Member States, while it increased in Czechia (from 2.1% to 2.2%), Lithuania (from 6.1% to 6.4%), Denmark (from 4.9% to 5.3%) and Sweden (from 6.4% to 6.8%). The largest decreases were registered in Greece (from 18.9% to 16.7% between August 2018 and August 2019) and Estonia (from 5.7% to 4.3% between September 2018 and September 2019). In October 2019, the unemployment rate in the United States was 3.6%, up from 3.5% in September 2019 and down from 3.8% in October 2018.

In October 2019, 3.240 million young persons (under 25) were unemployed in the EU28, of whom 2.261 million were in the euro area. Compared with October 2018, youth unemployment decreased by 160 000 in the EU28 and by 147 000 in the euro area. In October 2019, the youth unemployment rate was 14.4% in the EU28 and 15.6% in the euro area, compared with 15.1% and 16.7% respectively in October 2018. In October 2019, the lowest rates were observed in Czechia (5.5%), Germany (5.8%) and the Netherlands (7.3%), while the highest were recorded in Greece (33.1% in the second quarter of 2019), Spain (32.8%) and Italy (27.8%). Youth unemployment in Cyprus was 16.9% in September 2019 (latest available data).

Meanwhile, the share of persons outside the labour market (meaning persons being neither employed or unemployed) of the working age population (aged 15-64) in the EU was 31.4% in 2002 and reached a new low of 26.3% in 2018. The decrease in persons outside the labour market is mainly explained by the rising participation of working women.

The share of women outside the labour market fell by 7.7 percentage points (p.p.), during 2002-2018 from 39.5 % to 31.8 %, while the share of men outside the labour market decreased by only 2.4 p.p. (from 23.2 % in 2002 to 20.8 % in 2018).

The population outside the labour market in the age group 55-64 has experienced the strongest decrease since 2002. The share of men outside the labour market aged 55-64 fell by 17.7 p.p. (from 48.6 % in 2002 to 30.9 % in 2018) and by 24.5 p.p. for women (from 69.3 % in 2002 to 44.8 % in 2018).

(Cyprus News Agency)

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