articles | 31 October 2019

Cyprus records second biggest drop in EU unemployment rate, September 2019

Cyprus' unemployment rate recorded the second largest annual drop in the EU in September 2019 decreasing to 6.6% from 8% a year ago while in August it was 6.8%.

The largest decreases were registered in Greece (from 19.1% to 16.9% between July 2018 and July 2019), Cyprus (dipped 1.4%) and Estonia (5.3% to 3.9%).

In September 2019, the unemployment rate in the United States was 3.5%, down from 3.7% in August 2019 and from 3.7% in September 2018.

In September 3.223 million young persons (under 25) were unemployed in the EU28, of whom 2.283 million were in the euro area. Compared with September 2018, youth unemployment decreased by 145,000 in the EU28 and by 109,000 in the euro area.

The youth unemployment rate was 14.5% in the EU and 15.9% in the euro area, compared with 15.0% and 16.7% respectively in September 2018.

The lowest rates were observed in Czechia (4.4%), Germany (5.9%) and the Netherlands (7.2%), while the highest were recorded in Greece (33.2% Q2 of 2019), Spain (32.8%) and Italy (28.7%).

In Cyprus youth unemployment dropped to 16.5% in June compared to 18.4% in September 2018, or from 7000 to 6000 individuals.

In the euro area (EA19) seasonally adjusted unemployment rate was 7.5% in September, stable compared with August 2019 and down from 8.0% in September 2018, according to Eurostat.

This is the lowest rate recorded in the euro area since July 2008.

The EU28 unemployment rate was 6.3% in September, stable compared with August and down from 6.7% in September 2018. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Some 15.635 million men and women in the EU28, of whom 12.335 million in the euro area, were unemployed in September.

Compared with September 2018, unemployment fell by 889,000 in the EU28 and by 738,000 in the euro area.

Among the Member States, the lowest unemployment rates in September were recorded in Czechia (2.1%) and Germany (3.1%).

The highest unemployment rates were observed in Greece (16.9% in July) and Spain (14.2%).

Compared with a year ago, the unemployment rate fell in 22 states, remained stable in Belgium, Portugal and Romania while it increased in Lithuania (from 6.3% to 6.5%), Denmark (from 5.0% to 5.3%), and Sweden (from 6.3% to 7.3%).

Source: Financial Mirror

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