Euro Area Unemployment August 2022

Euro Area: Unemployment stable in August

September 30, 2022

The unemployment rate remained stable at July’s record-low of 6.6% in August.

Looking at countries, seven economies saw their unemployment rates stable in August, including Germany and Spain. Meanwhile, six economies saw their unemployment rates decrease, including France and Italy, while five economies saw their unemployment rates increase, including the Netherlands.

Disparities in the labor market among core and periphery countries persist. Spain (12.4%),Greece (12.2%) and Italy (7.8%) are the economies with the highest unemployment rates. At the other end of the spectrum, Malta (2.9%) and Germany (3.0%) have the lowest unemployment rates.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 6.8% in 2022, which is unchanged from last month’s forecast. For 2023, the panel expects the unemployment rate to average 7.0%.


Author: Massimo Bassetti, Senior Economist

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