Euro Area deflation returns in September; Jobless rate flat at 11%
Euro Area annual inflation/ deflation is expected to be -0.1% in September 2015, down from 0.1% in August 2015, according to a flash estimate today from Eurostat, the statistics office of the European Union. Also today it was reported that the Euro Area (EA19) seasonally-adjusted unemployment rate was 11.0% in August 2015, stable compared to July 2015, and down from 11.5% in August 2014.
Looking at the main components of Euro Area inflation, food, alcohol & tobacco is expected to have the highest annual rate in September (1.4%, compared with 1.3% August), followed by services (1.3%, compared with 1.2% in August), non-energy industrial goods (0.3%, compared with 0.4% in August) and energy (-8.9%, compared with -7.2% in August).
The Euro Area (EA19) seasonally-adjusted unemployment rate was 11.0% in August 2015, stable compared to July 2015, and down from 11.5% in August 2014. The EU28 unemployment rate was 9.5% in August 2015, also stable compared to July 2015, and down from 10.1% in August 2014.
Eurostat estimates that 23.02m men and women in the EU28, of whom 17.60m were in the Euro Area, were unemployed in August 2015. Compared with July 2015, the number of persons unemployed decreased by 33,000 in the EU28 and by 1,000 in the Euro Area.
Compared with August 2014, unemployment fell by 1.49m in the EU28 and by 892,000 in the Euro Area.
Member States: Among the member states, the lowest unemployment rates in August 2015 were recorded in Germany (4.5%), the Czech Republic (5.0%) and Malta (5.1%), and the highest in Greece (25.2% in June 2015) and Spain (22.2%).
Compared with a year ago, the unemployment rate in August 2015 fell in twenty-three member states, increased in four and remained stable in Romania. The largest decreases were registered in Slovakia (from 13.2% to 11.1%), Spain (24.2% to 22.2%), Estonia (7.6% to 5.7% between July 2014 and July 2015), Bulgaria (11.4% to 9.7%), Ireland (11.1% to 9.5%) and Poland (8.7% to 7.2%). The increases were registered in Austria (5.6% to 5.7%), Belgium (8.6% to 8.8%), France (10.4% to 10.8%) and Finland (8.8% to 9.7%). In August 2015, the unemployment rate in the United States was 5.1%, down from 5.3% in July 2015 and from 6.1% in August 2014.
Ireland had a 19% broad rate of unemployment in August.
Youth unemployment: In August 2015, 4.610 million young persons (under 25) were unemployed in the EU28, of whom 3.131 million were in the Euro Area. Compared with August 2014, youth unemployment decreased by 448 000 in the EU28 and by 262 000 in the Euro Area. In August 2015, the youth unemployment rate was 20.4% in the EU28 and 22.3% in the Euro Area, compared with 21.9% and 23.6% respectively in August 2014. In August 2015, the lowest rates were observed in Germany (7.0%), Austria (10.8%), the Netherlands (11.2%), Denmark (11.4%) and Estonia (11.5% in July 2015), and the highest in Spain (48.8%), Greece (48.3% in June 2015), Croatia (43.5% in the second quarter 2015) and Italy (40.7%).
The Euro Area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland. The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.