Unemployment in the eurozone marginally declined from 6.5 percent in April to 6.4 percent in May 2024. In the European Union (EU), the unemployment rate reached 6 percent in May 2024, maintaining its stability month-on-month and annually.
Eurostat, the statistical office of the EU, estimates that 13.2 million people in the EU, of whom 11.078 million are in the eurozone, were jobless in May 2024. Compared with April 2024, unemployment increased by 13,000 in the EU and by 38,000 in the euro area. Year-on-year, unemployment increased by 163,000 in the EU and by 3,000 in the euro area.
Youth unemployment
In May 2024, unemployment among young persons (under 25) reached 2.828 million, of whom 2.287 million were in the eurozone. In the EU, the youth unemployment rate reached 14.4 percent, down from 14.5 percent in April 2024. Meanwhile, it reached 14.2 percent in the eurozone.
Youth unemployment decreased by 13,000 in the EU but increased by 3,000 in the eurozone compared to April 2024. Year-on-year, youth unemployment increased by 80,000 in the EU and by 32,000 in the eurozone.
Female unemployment remains higher
Eurostat reveals that female unemployment in the EU remained stable at 6.3 percent compared with April 2024. Meanwhile, the unemployment rate for men remained stable at 5.8 percent.
In the eurozone, the unemployment rate for women remained at 6.7 percent and the unemployment rate for men rose to 6.2 percent from 6.1 percent in April 2024.
Read: Germany’s inflation eases to 2.5 percent in June, paving way for ECB rate cut
Eurozone’s future outlook
According to the eurozone’s May PMI data, the pace of job creation was modest but rose at the fastest pace since June 2023. With output and new orders rising, staffing levels in the eurozone’s service sector saw an increase while manufacturing employment continued to fall.
“We are heading in the right direction. Considering the PMI numbers in our GDP nowcast, the eurozone will probably grow at a rate of 0.3 percent during the second quarter, putting aside the specter of recession,” commented Dr. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, on the results.
For more economy news, click here.
