By John Meyer, consultant in financial affairs – Eurasia Business News, October 4, 2023

In August 2023, the euro area seasonally-adjusted unemployment rate was 6.4%, down from 6.5% in July 2023 and down from 6.7% in August 2022.

The EU unemployment rate was 5.9% in August 2023, down from 6.0% in July 2023 and from 6.1% in August 2022, reported Eurostat, the statistical office of the European Union.

Eurostat estimates that 12.837 million persons in the EU, of whom 10.856 million in the euro area, were unemployed in August 2023. Compared with July 2023, unemployment decreased by 112 thousand in the EU and by 107 thousand in the euro area. Compared with August 2022, unemployment decreased by 335 thousand in the EU and by 407 thousand in the euro area.

Youth unemployment
In August 2023, 2.687 million young persons (under 25) were unemployed in the EU, of whom 2.194 million were in the euro area. In August 2023, the youth unemployment rate was 14.0% in the EU, stable compared with July 2023, and 13.8% in the euro area, down from 13.9% in the previous month. Compared with July 2023, youth unemployment decreased by 10 thousand in the EU and by 24 thousand in the euro area. Compared with August 2022, youth unemployment decreased by 141 thousand in the EU and by 145 thousand in the euro area.

Unemployment by sex
In August 2023, the unemployment rate for women was 6.2% in the EU, stable compared with July 2023. The unemployment rate for men was 5.7% in August 2023, also stable compared with the previous month. In the euro area, the unemployment rate for women was 6.7%, down from 6.8% in July 2023, and the unemployment rate for men was 6.1%, also down from 6.2% in the previous month.

Economic recovery in Europe

The European labor market recovery has been much more rapid than in previous recessions. Unemployment in the EU declined to a record low of 6.2% in January 2022, and the labor force participation rate has reached an all-time high, supported by a sharp rise in vacancies

Over the past decade, the Euro area unemployment rate has been decreasing since 2013 when it reached a record high of 12.20%.

The European Commission forecasts that the Eurozone unemployment rate will be 6.3% in 2023 and 6.1% in 2024.

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