A report released by the Eurostat showed that in May, the unemployment rate remained unchanged at 6.4%, confirming economists' forecasts. A year earlier, the unemployment rate was at 6.5%. Meanwhile, the EU unemployment rate was 6.0% in May, also stable compared with April as well as with May 2023. Among the largest eurozone economies, Spain continues to grapple with the highest unemployment rate, standing at 11.7%, followed by France at 7.4% and Italy at 6.8%. In contrast, Germany recorded the lowest rate at 3.3%.
Eurostat reported that in May, the number of unemployed persons in the eurozone increased by 38,000 compared to April and by 3,000 in annual terms, to 11.078 million. As for the EU countries, the number of unemployed amounted to 13.200 million (+13,000 for the month and +163,000 compared to May 2023).
The data also showed that youth unemployment (under 25) in the eurozone increased by 32,000 compared to May 2023, reaching 2.287 million. In the EU, youth unemployment increased by 80,000, to 2.828 million. Meanwhile, the youth unemployment rate was 14.4% in the EU, down from 14.5% in April, and 14.2% in the eurozone, stable compared with the previous month.
Eurostat also reported that in the EU, the unemployment rate for women was 6.3%, stable compared with April, and the unemployment rate for men was 5.8%, also stable compared with the previous month. In the eurozone, the unemployment rate for women was 6.7%, stable compared with April, and the unemployment rate for men rose 0.1% to 6.2%.