Eurozone Unemployment July 2016


Eurozone: Eurozone unemployment rate unchanged in July

August 29, 2016

Conditions in the labor market in the common-currency bloc remained broadly unchanged in July, according to recently released data by Eurostat. The number of unemployed persons fell by 43,000, which contrasted June’s increase of 24,000 job seekers. The unemployment rate in July was steady at June’s 10.1%, which represented the lowest rate since July 2011.

Looking at the countries in the region, the unemployment rate fell in 13 of the countries observed, falling to multi-year lows in Cyprus, Slovakia, Slovenia and Spain. However, France and Lithuania saw a rise in unemployment, while dynamics in the labor market were stable in the remaining economies. Notable divergences persist in the labor market among core Eurozone countries and those on the periphery. Greece is the economy in the Eurozone with by far the highest unemployment rate (23.4%, data refer to June), followed by Spain (19.6%) and Cyprus (11.6%).

At the other end of the spectrum, Malta (3.9%), Germany (4.2%) and Austria (6.0%) registered the lowest unemployment rates in the Eurozone in July. Among the remaining major economies, Italy had the highest unemployment rate with 11.4%, followed by France with 10.3%.

In 2015 as a whole, unemployment in the Eurozone averaged 10.9%, which is the lowest average rate since 2012. FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 10.1% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, the panel expects the unemployment rate to average 9.8%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Unemployment Chart

Euro Unemployment July 2016 0

Note: Unemployment, % of active population. Data for Estonia and Greece refer to June.
Source: Eurostat.

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