Light and shadow in the European labor market
The unemployment rate in the euro zone remained stable at 6.5% in February 2024, compared to January 2024, according to data published by Eurostat, the statistical office of the European Union. This figure is below the 6.6% registered in February 2023.
In the European Union as a whole, the unemployment rate also remained stable at 6.0% in February 2024, compared to January and February 2023.
In absolute terms, Eurostat estimates that 13.249 million people were unemployed in the EU in February 2024, of which 11.102 million were in the eurozone. Compared to January 2024, unemployment decreased by 13,000 people in the EU, but increased by 17,000 in the euro zone.
Regarding youth unemployment, the rate stood at 14.8% in the EU and 14.6% in the euro zone in February 2024, unchanged from the previous month. Compared to February 2023, youth unemployment increased by 174,000 people in the EU and by 91,000 in the euro zone.
By sex, the unemployment rate for women was 6.4% in the EU and 6.9% in the Eurozone, while the unemployment rate for men was 5.7% in the EU and 6.1% in the Eurozone.
Overall, Eurostat data shows that the EU labor market continues to improve, albeit at a slow pace. The unemployment rate is at its lowest level since the 2008 financial crisis, and is expected to continue declining in the coming months.
For more information, you can consult the Eurostat publication.
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