Eurozone unemployment falls in August to a historic low of 6.4%

The unemployment rate in the eurozone stood at 6.4% last August, one tenth less and its lowest level in the entire series, while in the European Union as a whole it also fell one tenth and stood at the historical low of 5.9%, according to data published by Eurostat.

In this way, the eurozone unemployment rate has fallen one percentage point below the pre-pandemic level, since in February 2020 unemployment among euro countries was 7.4%.

The European statistical office estimates that 12.837 million people were unemployed in the EU in August, of which 10.856 million were in the euro zone.

This represents a monthly decrease of 112,000 unemployed in the EU and 107,000 in the euro zone. Compared to August 2022, unemployment decreased by 335,000 people in the EU and by 407,000 in the euro zone.

Among the Twenty-Seven, the highest unemployment rates corresponded to Spain, with 11.5%; Greece, with 10.9%; and Sweden and Estonia, both with 7.6%. On the contrary, the lowest unemployment figures were observed in the Czech Republic, with 2.5%; Malta, with 2.7%; and Poland, with 2.8%.

In the case of those under 25 years of age, the unemployment rate in the euro zone fell one tenth in August to 13.8%, while in the EU as a whole the figure remained at 14% since the month former.

In absolute terms, the number of unemployed young people in the EU reached 2,687 million people in the eighth month of the year, of which 2,194 million corresponded to the eurozone.

In the case of Spain, in August 2023 there were 2,756 million unemployed people, of which 463,000 were under 25 years of age.

In this way, Spain's youth unemployment rate was 26.8%, the highest among the Twenty-Seven, ahead of Estonia's 23.5%, as well as Greece's 22.5%.