A report released by the Eurostat showed that in July, the unemployment rate fell by 0.1% to 6.4% (a record low). Economists had expected the unemployment rate to remain unchanged. A year earlier, the unemployment rate was at 6.6%. Meanwhile, the EU unemployment rate was 6.0% in July, stable compared with June as well as with July 2023.
Among the largest eurozone economies, Spain continues to have the highest unemployment rate (11.5%), followed by France (7.5%) and Italy (6.5%). Conversely, Germany recorded the lowest rate at 3.4%.
Eurostat reported that in July, the number of unemployed persons in the eurozone decreased by 114,000 compared to June and by 190,000 in annual terms, to 10.990 million. As for the EU countries, the number of unemployed amounted to 13.108 million (-82,000 for the month and -72,000 compared to July 2023).
The data also showed that youth unemployment (under 25) in the eurozone decreased by 66,000 compared to July 2023, reaching 2.263 million. In the EU, youth unemployment increased by 8,000, to 2.818 million. Meanwhile, the youth unemployment rate was 14.5% in the EU, down from 14.6% in June, and 14.2% in the eurozone, down from 14.4% in the previous month.
Eurostat also reported that in the EU, the unemployment rate for women decreased by 0.1% compared to June, to 6.1%, and the unemployment rate for men was 5.8%, stable compared with the previous month. In the eurozone, the unemployment rate for women fell by 0.1% to 6.6%, and the unemployment rate for men was 6.2%, stable compared with June.