In October 2024, the seasonally adjusted unemployment rate in the euro area stood at 6.3 percent, remaining unchanged from September 2024 and decreasing from 6.6 percent in October 2023. Similarly, the unemployment rate in the EU was recorded at 5.9 percent for October 2024, also stable compared to the previous month and down from 6.1 percent a year earlier. These statistics were released by Eurostat, the statistical office of the European Union.
According to Eurostat, there were approximately 12.971 million unemployed individuals in the EU in October 2024, of which 10.841 million were located in the euro area.
In comparison to September 2024, unemployment fell by 70,000 in the EU and by 3,000 in the euro area.
Also, when looking at the figures from October 2023, unemployment decreased by 416,000 in the EU and by 411,000 in the euro area.
Youth unemployment
In October 2024, the number of unemployed young people (under 25 years old) in the EU reached 2.995 million, with 2.427 million in the euro area. The youth unemployment rate in the EU was 15.2 percent, down from 15.3 percent in September 2024, while in the euro area, it was 15.0 percent, up from 14.9 percent the previous month.
Compared to September 2024, youth unemployment decreased by 17,000 in the EU, but rose by 35,000 in the euro area.
Moreover, in relation to October 2023, youth unemployment increased by 61,000 in the EU and by 22,000 in the euro area.
Unemployment by gender
For October 2024, the unemployment rate for women in the EU was 6.1 percent, remaining stable from the preceding month, whereas the rate for men was 5.7 percent, a decline from 5.8 percent in September 2024. Within the euro area, the unemployment rate for women was 6.5 percent, consistent with the previous month, while the rate for men was 6.1 percent, unchanged since September 2024.
Additional labor market indicators
The estimates provided in this news release utilize the internationally recognized International Labour Organization (ILO) standard definition of unemployment. This definition includes individuals who are jobless, have actively sought work in the last four weeks, and are available to begin work within the following two weeks.
To give a comprehensive view of the labor market, the unemployment data has been supplemented with additional indicators, such as underemployed part-time workers, individuals looking for work but not immediately available, and those available to work but not actively seeking employment. These figures were released alongside Labour Force Survey (LFS) data for the second quarter of 2024.
The LFS data for the third quarter of 2024 is scheduled for release on December 13, 2024.
