December 2, 2020
The euro area seasonally-adjusted unemployment rate was 8.4% in October 2020, 1% down compared to September 2020 8.5% and greater than the 7.4% in October 2019, according to Eurostat, the statistical office of the European Union. Additionally, it was reported that, the EU unemployment rate was 7.6% in October 2020, stable compared with September 2020 and greater than October 2019’s 6.6%.
In the EU, there were approximately 16.236 million men and women, of whom 13.825 million in the euro area were unemployed in October 2020. Additionally, relative to September 2020, the number of persons unemployed declined by 91,000 in the EU and by 86,000 in the euro area. It was further stated that, “Compared with October 2019, unemployment rose by 2.186 million in the EU and by 1.692 million in the euro area.”
Youth Unemployment
In October 2020, the number of unemployed young person’s (under 25 years) amounted to about 3.115 million in the EU; in which approximately 2.551 million of the 3.115 million persons were in the euro area. Compared with the prior year, youth unemployment rose by 404,000 in the EU and increased by 319,000 in the euro area. Eurostat further noted, “In October 2020, the youth unemployment rate was 17.5% in the EU and 18.0% in the euro area, up from 17.4% and 17.9% respectively in the previous month.” Additionally, compared with September 2020, youth unemployment rose by 46,000 in the EU and by 26,000 in the euro area.
Unemployment by gender
In the euro area unemployment rate for women decreased from 9.0% in September to 8.9% in October 2020, while in the EU as at October 2020 was 8.0%, down from 8.1% in September 2020. The unemployment rate for men in EU as at October 2020 was 7.2%, stable when compared to the previous month, while for the euro area men unemployment rate remain stable at 8.0%.
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