EU Economy
Eurozone unemployment unchanged at 11.5% in July
By Michael Hennigan, Finfacts founder and editor
Aug 29, 2014 - 2:31 PM

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The Eurozone (EA18) seasonally-adjusted unemployment rate was 11.5% in July 2014, stable compared with June 2014, but down from 11.9% in July 2013. The EU28 unemployment rate was 10.2% in July 2014, also stable compared with June 2014, but down from 10.9% in July 2013.  Austria and Germany lowest at 4.9% with  Greece (27.2% in May 2014) and Spain (24.5%) at the highest.

These figures were published today by Eurostat, the statistics office of the European Union.

Eurostat estimates that 24.85m men and women in the EU28, of whom 18.41m were in the Eurozone, were unemployed in July 2014. Compared with June 2014, the number of persons unemployed decreased by 41,000 in the EU28 and remained nearly stable in the Eurozone. Compared with July 2013, unemployment fell by 1.63m in the EU28 and by 725,000 in the Eurozone.

Member countries: Among the member countries, the lowest unemployment rates were recorded in Germany and Austria (both 4.9%), and the highest in Greece (27.2% in May 2014) and Spain (24.5%).

Compared with a year ago, the unemployment rate fell in twenty-two member countries, increased in three and remained stable in three. The largest falls were registered in Hungary (10.4% to 8.1% between June 2013 and June 2014), Portugal (16.3% to 14.0%), Croatia (18.1% to 16.2%), Spain (26.2% to 24.5%) and Ireland (13.1% to 11.5%). The only increases were registered in Finland (8.1% to 8.7%), Italy (12.1% to 12.6%) and Luxembourg (5.9% to 6.3%).

In July 2014, the unemployment rate in the United States was 6.2%, up from 6.1% in June 2014, but down from 7.3% in July 2013.

Youth unemployment: In July 2014, 5.062 million young persons (under 25) were unemployed in the EU28, of whom 3.327 million were in the euro area. Compared with July 2013, youth unemployment decreased by 563,000 in the EU28 and by 226,000 in the euro area. In July 2014, the youth unemployment rate was 21.7% in the EU28 and 23.2% in the euro area, compared with 23.6% and 24.0% respectively in July 2013. This is the lowest rate for the EU28 since September 2011 and for the euro area since June 2012. In July 2014, the lowest rates were observed in Germany (7.8%), Austria (9.3%) and the Netherlands (10.4%), and the highest in Spain (53.8%), Greece (53.1% in May 2014), Italy (42.9%) and Croatia (41.5% in the second quarter 2014).

While youth unemployment rates of over 50%, are shocking, the reality is not as bad as that figure suggests - according to Eurostat, when for example youth in Greece who are in third level education are excluded from the denominator, the rate of 55.3% in 2012 becomes an unemployment ratio of 16.1%; Spain's falls from 53.2% to 20.6%. 

Youth unemployment explained 2013

The Eurozone (EA18) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU28 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Croatia (HR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).

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