According to the Eurostat statistics office, unemployment in the euro zone has never been so low since the introduction of the euro. However, there are big regional differences.
Despite the economic headwind, unemployment in the eurozone is still comparatively low. As in the previous month, the rate was at a record low of 6.4 percent in July, according to the statistics office Eurostat. It has never been lower since the introduction of the euro.
The statistical office estimates the number of unemployed in the 20 member states of the euro zone at around 10.9 million. That is around 73,000 more than in the previous month. Year-on-year, the number fell by around 264,000. Youth unemployment is significantly higher at 13.8 percent.
The situation varies greatly from region to region. In the eurozone, the highest unemployment rates are in Spain at 11.6 percent and Greece at 10.8 percent. At 2.9 percent, Germany has one of the lowest rates.
Eurostat data are based on figures from the International Labor Organisation. The rate for Germany is therefore significantly lower than the rate reported by the Federal Employment Agency. According to figures from Thursday, this was 5.8 percent in August.
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Source: Stern
