December 8, 2023

According to the statistical office of the European Union (Eurostat), the seasonally-adjusted unemployment rate for the euro area was 6.5% in October 2023, stable relative to September 2023 but down from 6.6% in October 2022. The EU unemployment rate was 6.0% in October 2023, stable relative to September 2023 but less than October 2022’s 6.1%.

There were approximately 13.171 million unemployed persons in the EU in October 2023, with 11.134 million being in the euro area. In the EU, the number of unemployed persons rose by 71,000 relative to September 2023, whereas in the euro area, it jumped by 48,000. Relative to October 2022, unemployment increased by 27,000 in the EU and declined by 28,000 in the euro area.

Youth Unemployment

In October 2023, the number of unemployed young persons (under 25 years) in the EU amounted to 2.881 million, with 2.380 million being in the euro area. Compared with the prior year, youth unemployment rose by 106,000 in the EU, while in the euro area, it grew by 132,000. The youth unemployment rate in the EU rose to 14.8% (Sep. 2023: 14.7%), while it rose to 14.9% in the euro area (Sep. 2023: 14.6%). Additionally, compared with September 2023, youth unemployment grew by 36,000 in the EU and by 44,000 in the euro area.

Unemployment by Gender

In the EU, the unemployment rate for both genders increased in October 2023 relative to the prior month: women (6.4%, compared with 6.3% in September) and men (5.8%, compared with 5.7% in September). However, in the euro area, the unemployment rate was stable for both genders in October 2023 relative to the prior month: women (6.9%) and men (6.2%).

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