Indicator of well-being. Eurostat released data on unemployment in the EU
At the same time, the unemployment rate reached 8.1 per cent in the” Euro area”, which covers 19 European countries. According to Eurostat estimates, in October 2018, more than 16.6 million Europeans were not employed, of which more than 13.1 million are residents of the Eurozone. But compared to September, the number of unemployed in the European Union decreased by 4 thousand people, but increased by 12 thousand in the “Euro area”.
Among the member States of the European Union, the lowest unemployment rate in October was recorded in the Czech Republic (2.2%) and Germany (3.3%). The highest was observed in Greece (18.9% in August 2018) and Spain (14.8%). Compared to 2017, the unemployment rate fell in all EU countries. The largest decrease was registered in Croatia (from 10.2% to 8.1%), Greece (from 20.8% to 18.9% since August), Spain (from 16.6% to 14.8%) and Portugal (from 8.4% to 6.7%).
Eurostat also provided information on the US labour market. In October, the unemployment rate there was 3.7%, remaining stable against September. According to statistics, almost 3.5 million young people under the age of 25 – residents of the European Union remained unemployed in the fall. But again, compared to the same period in 2017, the unemployment rate among this age group fell. The lowest rates were observed in the Czech Republic (5.2%), Germany (6.2%) and the Netherlands (7.2%), while the highest were recorded in Greece (36.8% in August 2018), Spain (34.9%) and Italy (32.5%). According to the conclusions of Eurostat experts, the unemployment rate is moving cyclically. However, short-and long-term developments may be influenced by factors such as labour market policies and demographic changes.