Insider Economy Unemployment down to 6.8% in August, 2nd biggest annual drop in EU

Unemployment down to 6.8% in August, 2nd biggest annual drop in EU

Unemployment in Cyprus further declined to 6.8% (31,000 individuals, 6.4% for males and 7.3% for females) in August 2019, down from 7% in July 2019 and 8.2% in August last year.

On an annual basis this was the second biggest drop in the EU.

In August 2018 the same rate was 8.2% (36,000 individuals), according to figures published by Eurostat, the statistical office of the European Union.

Youth unemployment in Cyprus was 16.6% in June 2019 (6000 individuals), stable compared to May 2019 and down from 18.3% (7000 individuals) in August 2018 (latest available data).

Meanwhile, the euro area (EA19) seasonally-adjusted unemployment rate was 7.4% in August 2019, down from 7.5% in July 2019 and from 8.0% in August 2018. This is the lowest rate recorded in the euro area since May 2008.

The EU28 unemployment rate was 6.2% in August 2019, down from 6.3% in July 2019 and from 6.7% in August 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.432 million men and women in the EU28, of whom 12.169 million in the euro area, were unemployed in August 2019. Compared with July 2019, the number of persons unemployed decreased by 111,000 in the EU28 and by 115,000 in the euro area. Compared with August 2018, unemployment fell by 1.189 million in the EU28 and by 960 000 in the euro area.

Among the Member States, the lowest unemployment rates in August 2019 were recorded in Czechia (2.0%) and Germany (3.1%). The highest unemployment rates were observed in Greece (17.0% in June 2019) and Spain (13.8%).

Compared with a year ago, the unemployment rate fell in 24 Member States, remained stable in Luxembourg while it increased in Denmark (from 4.9% to 5.0%), Lithuania (from 6.1% to 6.6%) and Sweden (from 6.3% to 7.1%).

The largest decreases were registered in Greece (from 19.2% to 17.0% between June 2018 and June 2019), Cyprus (from 8.2% to 6.8%), Bulgaria (from 5.2% to 4.0%), Spain (from 15.0% to 13.8%) and Croatia (from 8.1% to 6.9%).

In August 2019, the unemployment rate in the United States was 3.7%, stable compared with July 2019 and down from 3.8% in August 2018.

In August 2019, 3.138 million young persons (under 25) were unemployed in the EU28, of whom 2.202 million were in the euro area. Compared with August 2018, youth unemployment decreased by 239 000 in the EU28 and by 205 000 in the euro area.

In August 2019, the youth unemployment rate was 14.2% in the EU28 and 15.4% in the euro area, compared with 15.1% and 16.8% respectively in August 2018. In August 2019, the lowest rates were observed in Czechia (5.1%), Germany (5.7%) and the Netherlands (6.9%), while the highest were recorded in Greece (33.0% in the second quarter of 2019), Spain (32.2%) and Italy (27.1%).

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