Unemployment down 7.6% in Euro area and 6.9% in EU

The unemployment rate in continental Europe is going down based on the latest data coming out of the statistical office of the European Union (Eurostat).

Eurostat reports that, in July 2021, the seasonally adjusted unemployment rate in the Euro area was 7.6 per cent, down from 7.8 per cent in June 2021. The unemployment rate in the European Union (EU) was 6.9 per cent in July 2021, down from 7.1 per cent in June 2021 and from 7.6 per cent a year earlier.

In July 2021, the number of people unemployed in the EU decreased by 430,000 compared to the previous month. The rate of unemployment in the Euro area in July decreased by 350 000, in comparison to June 2021.

Eurostat estimates that there are 14.613 million men and women in the EU. Of this number, 12.334 million in the Euro area were unemployed in July 2021. Eurostat says the unemployment rate decreased by 1.521 million in EU and by 1.336 million in the Euro area, when compared to July 2020.

Youth unemployment

The European data collection agency reports that in July 2021, 2.854 million young people were unemployed in the EU. This figure includes 2.339 million in the Euro area.

Compared to the same month in 2020, the youth unemployment rate declined by 420,000 in the EU and by 360,000 in the Euro area. In comparison to the previous month, youth unemployment declined by 151,000 in the EU and by 140,000 in the Euro area.

“In July 2021, the youth unemployment rate was 16.2 per cent in the EU and 16.5 per cent in the Euro area, down from 16.9 per cent and 17.2 per cent respectively in the previous month,” Eurostat noted. The unemployment rate for women in the EU was 7.3 per cent in July 2021, down from 7.5 per cent in June 2021.The rate for men was 6.5 per cent in July 2021, less than June 2021 6.7 per cent, while in the Euro area, the unemployment rate for women declined month over month to 8.1 per cent from 8.3 per cent in June 2021. Men’s unemployment rate in the Euro area went down from 7.3 per cent in June 2021 to 7.1 per cent in July 2021.