Light and shadow in the European labor market
The unemployment rate in the eurozone 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% recorded 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 eurozone.
As for youth unemployment, the rate stood at 14.8% in the EU and 14.6% in the eurozone 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 eurozone.
By gender, 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, the Eurostat data shows that the EU labor market is still improving, albeit at a slow pace. The unemployment rate is at its lowest level since the financial crisis of 2008, and it is expected to continue to decrease in the coming months.
However, there are still some challenges to be addressed, such as high youth unemployment and differences between countries.
For further information, you can refer to Eurostat’s publication.