Euro Area Jobless Rate Unchanged at 7.8%


The seasonally adjusted unemployment rate in the Euro Area was steady at 7.8 percent in January of 2019, the same as a downwardly revised 7.8 percent in December and slightly below market expectations of 7.9 percent. It is a new-low jobless rate since October of 2008. A year earlier, unemployment was higher at 8.6 percent.

Compared with December, the number of unemployed in the Euro Area declined by 23,000 to 12.848 million. Compared with the previous year, it dropped by 1.233 million.

Considering the European Union as a whole, the unemployment rate edged down to 6.5 percent in January from 6.6 percent in December and 7.2 percent a year earlier. This is the lowest rate recorded since the start of the EU monthly unemployment series in January of 2000. The number of unemployed went down by 56,000 from December to 16.222 million and fell by 1.536 million from January of 2018.

Among the Member States, the lowest unemployment rates in January of 019 were recorded in Czech Republic (2.1 percent) and Germany (3.2 percent) and the highest rates were observed in Greece (18.5 percent in November 2018), Spain (14.1 percent) and Italy (10.5 percent). Compared with a year ago, the unemployment rate fell in all Member States except Denmark and Malta where it remained stable. The largest decreases were registered in Cyprus (from 10.1 percent to 7.4 percent), Greece (from 21.1 percent to 18.5 percent between November 2017 and November 2018) and Spain (from 16.4 percent to 14.1 percent).

The youth unemployment rate was 14.9 percent in the EU28 and 16.5 percent in the Euro Area, down from 15.8 percent and 17.7 percent respectively in January 2018. 3.375 million young persons (under 25) were unemployed in the EU28, of whom 2.383 million were in the Euro Area. Compared with January 2018, youth unemployment decreased by 184,000 in the EU28 and by 141,000 in the Euro Area. The lowest rates were observed in Germany (6 percent), Czech Republic (6.1 percent) and the Netherlands (6.5 percent), while the highest were recorded in Greece (39.1 percent in November 2018), Italy (33 percent) and Spain (32.6 percent).

Euro Area Jobless Rate Unchanged at 7.8%


Eurostat | Joana Taborda | joana.taborda@tradingeconomics.com
3/1/2019 10:20:37 AM