European unemployment rate drops slightly

The seasonally-adjusted EU27 unemployment rate fell from 11% in May to 10.9% in June, according to the statistical office of the European Union, Eurostat.

EU27 includes the Euro and non-Euro members of the European Union.

The latest figures add to recent hopes that the Eurozone may possibly have turned a corner.

Last week, The Markit Eurozone Purchasing Managers’ Index was 50.4 – anything over 50 means there is business output expansion.

Unemployment figures for EA17, the 17 countries that use the Euro as their currency, remained stable at 12.1% in June 2013, i.e. no significant change compared to the previous month.

In June, 2013, there were 26,424,000 adults unemployed in the EU27, and 19,266,000 in the EA17 Euro area.

Unemployment dropped by 32,000 in the EU27 and by 24,000 in the EA17 countries.

Compared to June 2012, unemployment in the Euro area increased by 1,129,000 and by 1,080,000 in the EU27 countries.

EU unemployment patterns different by country

There is a wide range of unemployment rates among countries of the European Union, from 4.6% in Austria to 26.9% in Greece.

Unemployment rates in the EU, June 2013

  • Austria – 4.6%
  • Germany – 5.4%
  • Luxembourg – 5.7%
  • Malta – 6.1%
  • Czech Rep – 6.8%
  • Denmark – 6.8%
  • Netherlands – 6.8%
  • Romania – 7.6%
  • UK – 7.7%
  • Estonia – 8%
  • Finland – 8%
  • Sweden – 8%
  • Belgium – 8.7%
  • Hungary – 10.4%
  • Poland – 10.6%
  • EU27 – 10.9%
  • France – 11%
  • Slovenia – 11.2%
  • Lithuania – 11.7%
  • EA17 – 12.1%
  • Italy – 12.1%
  • Latvia – 12.5%
  • Bulgaria – 12.6%
  • Ireland – 12.5%
  • Slovakia – 14.5%
  • Croatia – 16.5%
  • Cyprus – 17.3%
  • Portugal – 17.4%
  • Spain – 26.3%
  • Greece – 26.9%

Youth Unemployment – June 2013

In the 27 European Union member countries there were 5,512,000 people under the age of 25 unemployed, 3,526,000 of them in the Euro area.

Youth unemployment rose by 43,000 over a 12-month period in EU27 and by 43,000 in the Euro area.

In June 2013, youth unemployment stood at 23.2% in the EU27 and 23.9% in the euro area, compared to 22.8% and 23% a year before.

Youth unemployment was 58% in Greece and 56.1% in Spain in June 2013, compared to 7.5% in Germany, 9.3% in Austria and 11% in the Netherlands.

Economists are concerned about the latest figures from Germany, which showed retail sales falling by 1.5% in June compared to May. This is the largest fall so far this year in the Eurozone’s biggest economy. Retail sales dropped 2.8% over a 12-month period.

The EU27 and Euro Area countries

The countries below in blue use the Euro as their currency, while the ones in dark gray are part of the European Union but do not use the Euro as their currency.

Eurozone

Euro area (EA17) countries include: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The EU27 countries include: Belgium, Bulgaria, Croatia the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.