December 5, 2022
According to the statistical office of the European Union (Eurostat), the euro area seasonally-adjusted unemployment rate was 6.5% in October 2022, 0.1% down compared to September 2022 6.6% and 0.8% down from 7.3% in October 2021. Additionally, it was reported that, the EU unemployment rate was 6% in October 2022, down from 6.1% booked in September 2022 and from 6.6% in October 2021.
In the EU, there were approximately 12.953 million men and women, of whom 10.872 million in the euro area were unemployed in October 2022. It was further stated that, “Compared with October 2021, unemployment decreased by 1.158 million in the EU and by 1.053 million in the euro area.”
Youth Unemployment
In October 2022, the number of unemployed young persons (under 25 years) amounted to 2.872 million in the EU. Of the 2.872 million, 2.326 million young persons were in the euro area. Compared with the prior year, youth unemployment increased by 102,000 in the EU and by 81,000 in the euro area. Eurostat further noted, “In October 2022, the youth unemployment rate was 15.1% in the EU and 15.0% in the euro area, both down by 15.2% in the previous month.”
Unemployment by Gender
In the EU, unemployment rate for women was 6.4% in October 2022, stable compared with September 2022. While in the euro area, the unemployment rate for women was 7.0% in October 2022, down from 7.1% in the previous month. The unemployment rate for men in the euro area and EU was 6.1% and 5.7% respectively, down from 6.2% and 5.8% respectively in the previous month.
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