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News : EU Economy Last Updated: Jan 7, 2015 - 12:08 PM


Eurozone unemployment rate stable at 11.5% in November; Austria lowest at 4.9%
By Finfacts Team
Jan 7, 2015 - 11:02 AM

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The Eurozone (EA18) seasonally-adjusted unemployment rate was 11.5% in November 2014, stable compared with October 2014, but down from 11.9% in November 2013. The EU28 unemployment rate was 10.0% in November 2014, down from 10.1% in October 2014 and from 10.7% in November 2013. Austria's rate was lowest at 4.9%.

The data was published Wednesday by Eurostat, the statistics office of the European Union.

Eurostat estimates that 24.42m men and women in the EU28, of whom 18.39m were in the Eurozone, were unemployed in November 2014. Compared with October 2014, the number of persons unemployed decreased by 19,000 in the EU28 and increased by 34,000 in the Eurozone. Compared with November 2013, unemployment fell by 1.487m in the EU28 and by 522,000 in the Eurozone.

Among the member countries, the lowest unemployment rates in November 2014 were recorded in Austria (4.9%) and Germany (5.0%), and the highest in Greece (25.7% in September 2014) and Spain (23.9%).

Compared with a year ago, the unemployment rate in November 2014 fell in twenty-two member states, increased in four and remained stable in Belgium and Slovenia. The largest decreases were registered in Greece (28.0% to 25.7% between September 2013 and September 2014), Hungary (9.5% to 7.4% between October 2013 and October 2014) and Spain (25.8% to 23.9%), and the highest increases in Italy (12.5% to 13.4%) and Finland (8.3% to 8.9%).

Ireland's rate was 10.7%.

In November 2014, the unemployment rate in the United States was 5.8%, stable compared to October 2014, and down from 7.0% in November 2013.

Youth unemployment: In November 2014, 5.10m young persons (under 25) were unemployed in the EU28, of whom 3.41m were in the Eurozone. Compared with November 2013, youth unemployment decreased by 354 000 in the EU28 and by 58 000 in the Eurozone. In November 2014, the youth unemployment rate was 21.9% in the EU28 and 23.7% in the Eurozone, compared with 23.2% and 23.9% respectively in November 2013. In November 2014, the lowest rates were observed in Germany (7.4%), Austria (9.4%) and the Netherlands (9.7%), and the highest in Spain (53.5%), Greece (49.8% in September 2014), Croatia (45.5% in the third quarter 2014) and Italy (43.9%).

The Irish rate was 21.8%.

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

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