Euro Area annual inflation is expected to be 0.0% in October 2015, up from -0.1% in September 2015, according to a flash estimate from Eurostat. The EU statistics office also reported today that the jobless level rose 131,000 to 17.3m in September, in the 19-member country single currency area.

 

Looking at the main components of Euro Area inflation, food, alcohol & tobacco is expected to have the highest annual rate in October (1.5%, compared with 1.4% in September), followed by services (1.3%, compared with 1.2% in September), non-energy industrial goods (0.4%, compared with 0.3% in September) and energy (-8.7%, compared with -8.9% in September).

Eurostat estimates that 22.6m men and women in the EU28, of whom 17.3m were in the Euro Area (EA-19), were unemployed in September 2015. Compared with August 2015, the number of persons unemployed decreased by 147,000 in the EU-28 and increased by 131,000 in the Euro Area. Compared with September 2014, unemployment fell by 1,832,000 in the EU-28 and by 1,194,000 in the Euro Area.

The Euro Area seasonally-adjusted unemployment rate was 10.8% in September 2015, down from 10.9% in August 2015, and from 11.5% in September 2014. The EU-28 unemployment rate was 9.3% in September 2015, down from 9.4% in August 2015, and from 10.1 % in September 2014.

Among the member states, the lowest unemployment rates in September 2015 were recorded in Germany (4.5 %), the Czech Republic (4.8 %), Malta (5.1 %) and the United Kingdom (5.3 % in July 2015) , and the highest in Greece (25.0 % in July 2015) and Spain (21.6 %).

Compared with a year ago, the unemployment rate in September 2015 fell in twenty-three member states, increased in four and remained stable in Austria. The largest decreases were registered in Spain (24.0% to 21.6%), Estonia(8.0% to 5.7% between August 2014 and August 2015), Bulgaria (11.3% to 9.4%) and Slovakia (12.9% to 11.0%). The increases were registered in Finland (8.9% to 9.5%), France (10.4% to 10.7%), Romania (6.7% to 6.8%) and Belgium (8.6% to 8.7%).

In September 2015, the unemployment rate in the United States was 5.1%, stable compared to August 2015 and down from 5.9% in September 2014.

In September 2015, 4.5m young persons (under 25) were unemployed in the EU-28, of whom 3.1m were in the Euro Area. Compared with September 2014, youth unemployment decreased by 500,000 in the EU-28 and by 251,000 in the Euro Area. In September 2015, the youth unemployment rate was 20.1% in the EU-28 and 22.1% in the Euro Area, compared with 21.8% and 23.4% respectively in September 2014. In September 2015, the lowest rates were observed in Germany (7.0%), Austria (11.0%), Denmark (11.2%) and the Netherlands (11.5%) and Estonia (11.5% in July 2015), and the highest in Greece (48.6% in July 2015), Spain (46.7%), Croatia (43.1% in the third quarter 2015) and Italy (40.5%).

High EU youth unemployment rate not as bad as it seems

Euro jobless, unemployment, Ireland, 2015

EU28 and Euro Area unemployment, September 2015