Cyprus Unemployment Registers the Largest Decrease in Europe

The euro area (EA19) seasonally-adjusted unemployment rate was 10.1% in August 2016, stable compared to July 2016 and down from 10.7% in August 2015. This remains the lowest rate recorded in the euro area since July 2011. The EU28 unemployment rate was 8.6% in August 2016, stable compared to July 2016 and down from 9.3% in August 2015. This remains the lowest rate recorded in the EU28 since March 2009. These figures are published by Eurostat, the statistical office of the European Union.

Eurostat estimates that 20.973 million men and women in the EU28, of whom 16.326 million were in the euro area, were unemployed in August 2016. Compared with July 2016, the number of persons unemployed decreased by 40 000 in the EU28, while it increased by 8 000 in the euro area. Compared with August 2015, unemployment fell by 1.587 million in the EU28 and by 875 000 in the euro area.

Member States

Among the Member States, the lowest unemployment rates in August 2016 were recorded in the Czech Republic (3.9%) and Germany (4.2%). The highest unemployment rates were observed in Greece (23.4% in June 2016) and Spain (19.5%).

Compared with a year ago, the unemployment rate in August 2016 fell in twenty-four Member States, remained stable in Denmark, while it increased in Estonia (from 5.3% to 6.8% between July 2015 and July 2016), Austria (from 5.7% to 6.2%) and Belgium (from 8.0% to 8.2%). The largest decreases were registered in Croatia (from 16.6% to 12.9%) and Cyprus (from 14.7% to 12.1%).

In August 2016, the unemployment rate in the United States was 4.9%, stable compared to July 2016 and down from 5.1% in August 2015.

Youth unemployment

In August 2016, 4.199 million young persons (under 25) were unemployed in the EU28, of whom 2.927 million were in the euro area. Compared with August 2015, youth unemployment decreased by 381 000 in the EU28 and by 209 000 in the euro area. In August 2016, the youth unemployment rate was 18.6% in the EU28 and 20.7% in the euro area, compared with 20.1% and 22.3% respectively in August 2015. In August 2016, the lowest rate was observed in Germany (6.9%), and the highest were recorded in Greece (47.7% in June 2016), Spain (43.2%) and Italy (38.8%).

Source: Gold News