October 3, 2023

According to the statistical office of the European Union (Eurostat), the seasonally-adjusted unemployment rate for the euro area was 6.4% in August 2023, down from July’s 6.5% and down from 6.7% in August 2022. Additionally, it was reported that the EU unemployment rate was 5.9% in August 2023, down from 6.0% booked in July 2023 and less than August 2022 6.1%.

As of August 2023, there were approximately 12.837 million men and women in the EU, of which 10.856 million were unemployed in the euro area. In addition, compared to July 2023, unemployment fell by 112,000 in the EU and 107,000 in the euro area. “Compared to August 2022, unemployment decreased by 335 thousand in the EU and 407 thousand in the euro area,” the report continued.                        

Youth Unemployment

The number of unemployed young people (under 25 years old) in the EU reached 2.687 million in August 2023. There were 2.194 million young people in the euro area. Youth unemployment decreased by 141,000 in the EU and 145,000 in the euro area compared to the previous year. In August 2023, the youth unemployment rate in the EU was 14.0%, unchanged from July 2023, and in the euro area it was 13.8%, down from 13.9% in the previous month. Additionally, youth unemployment decreased by 10,000 in the EU and 24,000 in the euro area compared to July 2023.

Unemployment by Gender

In the euro area, the unemployment rate for women decreased to 6.7% in August 2023 from 6.8% in July 2023, while the unemployment rate for women in the EU remained stable at 6.2% in August 2023 compared to the previous month. In August 2023, the unemployment rate for men in the euro area decreased to 6.1% from 6.2% in July 2023, while the unemployment rate for men in the EU remained stable at 5.7% compared to the previous month.

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