Euro Area jobless rate dips to 10.7%; Germany at 4.5%, Greece at 24.6%
The Euro Area (EA19) seasonally-adjusted unemployment rate was 10.7% in October 2015, down from 10.8% in September 2015, and from 11.5% in October 2014. This is the lowest rate recorded in the Euro Area since January 2012. The EU28 unemployment rate was 9.3% in October 2015, stable compared to September 2015, and down from 10.1% in October 2014. This is the lowest rate recorded in the EU28 since September 2009. The lowest country rate was Germany at 4.5% and the highest was Greece at 24.6%.
These data are published Tuesday by Eurostat, the statistics office of the European Union.
Eurostat estimates that 22.5m men and women in the EU28, of whom 17.2m were in the Euro Area, were unemployed in October 2015. Compared with September 2015, the number of persons unemployed decreased by 36,000 in the EU28 and by 13,000 in the Euro Area. Compared with October 2014, unemployment fell by 1.9m in the EU28 and by 1.3m in the Euro Area.
Member states: Among the member states, the lowest unemployment rates in October 2015 were recorded in Germany (4.5%), the Czech Republic (4.7%) and Malta (5.1%), and the highest in Greece (24.6% in August 2015) and Spain (21.6%).
Compared with a year ago, the unemployment rate in October 2015 fell in twenty-four member states and increased in four. The largest decreases were registered in Spain (from 23.9% to 21.6%), Slovakia (from 12.7% to 10.7%), Ireland (from 10.7% to 8.9%) and Croatia (from 17.6% to 15.8%). The increases were registered in Finland (9.0% to 9.5%), France (10.5% to 10.8%), Belgium (8.6% to 8.7%) and Romania (6.7% to 6.8%).
In October 2015, the unemployment rate in the United States was 5.0%, down from 5.1% in September 2015 and from 5.7% in October 2014.
Youth unemployment: In October 2015, 4.5m young persons (under 25) were unemployed in the EU28, of whom 3.1m were in the Euro Area. Compared with October 2014, youth unemployment decreased by 466,000 in the EU28 and by 191,000 in the Euro Area. In October 2015, the youth unemployment rate was 20.0% in the EU28 and 22.3% in the Euro Area, compared with 21.7% and 23.3% respectively in October 2014. In October 2015, the lowest rates were observed in Germany (7.1%), Austria (10.4%), Denmark (10.9%) and the Netherlands (11.6%), and the highest in Greece (47.9% in August 2015), Spain (47.7%), Croatia (43.1% in the third quarter 2015) and Italy (39.8%).
High EU youth unemployment rate not as bad as it seems — A 25% youth unemployment rate does not mean that '1 out of 4 young persons is unemployed'. This is a common fallacy.
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.