Tuesday, 02 January 2024 12:17 GMT

Eurozone Jobless Rate Edges Up Slightly in August


(MENAFN) The unemployment rate within the eurozone climbed to 6.3% in August, rising from 6.2% in July, according to data released on Thursday by Eurostat.

This slight uptick came as a surprise to analysts who had anticipated the rate would remain unchanged.

In contrast, the broader European Union maintained a steady jobless rate of 5.9% for the same period.

Eurostat estimated that approximately 13.09 million individuals across the EU were without employment in August.

Of these, around 10.84 million resided within the eurozone. When compared to the previous month, the number of unemployed people increased by 39,000 across the EU, and by 11,000 in the euro area.

Youth unemployment continues to be a major issue. An estimated 2.82 million individuals aged 25 and under were jobless across the EU, including 2.22 million in the eurozone.

The unemployment rate for this age group reached 14.6% in the EU—up from 14.4% in July—while it remained constant at 14% in the eurozone.

Among EU nations, Spain recorded the highest overall unemployment rate at 10.3%, whereas Malta and Slovenia registered the lowest, each at 2.9%.

The eurozone—also known as EA20—includes those EU countries that have adopted the euro as their official currency.

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