Eurozone unemployment rate drops to 6.4 percent last month
Date
5/30/2024 8:48:48 AM
(MENAFN) Eurostat's latest findings shed light on the labor market dynamics in the eurozone, revealing a marginal improvement as the unemployment rate dipped to 6.4 percent in April, a slight decrease from the 6.5 percent recorded in March. Meanwhile, across the broader EU, comprising 27 member states, the unemployment rate remained steady at 6 percent, according to the statistical data released by the EU's official statistical authority.
The report from Eurostat indicates that within the EU, approximately 13.15 million individuals were without employment, with a significant proportion, approximately 11 million, concentrated in the euro area. While comparing the figures to March 2024, there was a modest decline of 103,000 unemployed individuals in the EU and 100,000 in the euro area. However, contrasting this with the previous year's statistics, unemployment witnessed an increase of 95,000 in the EU and 101,000 in the euro area, highlighting the ongoing challenges in stabilizing the labor market recovery.
Of particular concern is the situation faced by the youth segment of the population. In April 2024, an estimated 2.8 million young individuals under the age of 25 were unemployed across the EU, with approximately 2.27 million of them residing in the euro area. The youth unemployment rate stood at 14.4 percent in the EU and 14.1 percent in the euro area, underscoring the persistent struggle for young people to secure meaningful employment opportunities within the European labor market landscape.
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