Unemployment in the Euro Area dipped to its lowest level in more than 3 years in July, suggesting that the region’s recovery is at last gaining pace. Eurostat, the EU's statistics office, reported on Tuesday that the seasonally adjusted unemployment rate for the 19-nation region fell to 10.9% in July from 11.1% in June. That’s the lowest since February 2012 with Germany at the lowest member country rate and Greece at the highest level.

 

The EU28 unemployment rate was 9.5% in July 2015, down from 9.6% in June 2015, and from 10.2% in July 2014. This is the lowest rate recorded in the EU28 since June 2011.

Eurostat estimates that 23.07m men and women in the EU28, of whom 17.53 m in the Euro Area, were unemployed in July 2015. Compared with June 2015, the number of persons unemployed decreased by 232,000 in the EU28 and by 213,000 in the Euro Area.

Compared with July 2014, unemployment fell by 1.65m in the EU28 and by 1.126m in the Euro Area.

Among the member countries, the lowest unemployment rates in July 2015 were recorded in Germany (4.7%), the Czech Republic and Malta (both 5.1%), and the highest in Greece (25.0% in May 2015) and Spain (22.2%).

Compared with a year ago, the unemployment rate in July 2015 fell in twenty-three member countries, increased in three and remained stable in Belgium and Romania. The largest decreases were registered in Bulgaria (11.5% to 9.4%), Spain (24.3% to 22.2%), Greece (27.0% to 25.0% between May 2014 and May 2015), Portugal (14.1% to 12.1%), Ireland (11.3% to 9.5%) and Croatia (16.9% to 15.1%).

The increases were registered in Finland (8.7% to 9.7%), France (10.3% to 10.4%) and Austria (5.7% to 5.8%).

In July 2015, the unemployment rate in the United States was 5.3%, stable compared to June 2015 and down from 6.2% in July 2014.

Youth unemployment (15-24 years old): In July 2015, 4.63m young persons (under 25) were unemployed in the EU28, of whom 3.09m were in the Euro Area. Compared with July 2014, youth unemployment decreased by 465,000 in the EU28 and by 336,000 in the Euro Area.

In July 2015, the youth unemployment rate was 20.4% in the EU28 and 21.9% in the Euro Area, compared with 22.0% and 23.8% respectively in July 2014. In July 2015, the lowest rates were observed in Germany (7.0%), Malta (8.7%) and Estonia (9.5% in June 2015), and the highest in Greece (51.8% in May 2015), Spain (48.6%), Croatia (43.1% in the second quarter 2015) and Italy (40.5%).

Detailed information here from Eurostat.

For a better understanding of the youth jobless data, check here:

High EU youth unemployment rate not as bad as it seems

Pic above is of the ECB's new headquarters in Frankfurt.

 ECB's new headquarters in Frankfurt