The unemployment rate in the Eurozone stood at 10.3% in January, one tenth less than the previous month and a percentage point lower than a year ago. It’s the best reading data since October 2011, according to Eurostat. In the whole European Union the unemployment rate in January stood at 8.9%, one tenth less than in December nine tenths lower than in the same month last year, representing its lowest rate since May 2009.
European statistics agency estimates that the European Union had 21.789 million unemployed people in January, of which 16 million belonged to the Eurozone. Compared to December 2015, the number of unemployed has fallen by 1.63 million people in the whole of the European Union and 0.1 million in the Eurozone.
Compared with January 2015, unemployment fell by 2 million people in the whole of the European Union and 1.45 million people in the Eurozone. Eurostat data again put Greece as the country with the highest unemployment rate with 24.6% and according to data from November 2015, have one tenth less unemployment than the previous month. For its part, Spain was ranked as the second highest unemployment rate, with 20.5%, two tenths below the December reading and 2.9 percentage points lower than a year ago.
These two countries are currently the big deals the EU has to take care of. Spain in particular. It is big enough to cause major damage in case of default. The ECB has to make sure Spain is able to pay for its debt, even with the critic situation of some macroeconomic aspects. Unemployment is the main concern.
Rise of the euroean unemployment rate
The countries of the European Union which recorded a lower unemployment rate in December were Germany (4.3%), Czech Republic (4.5%), Malta (5.1%) and the UK (5.1% in November), while the highest, in addition to Greece and Spain, were observed in Croatia (16.4%) and Cyprus (15.3%). So two small countries that really do not make a difference in the total output of the EU. Spain does.
Compared with January 2014, the unemployment rate fell in 24 countries, remained stable in Estonia and increased in Latvia (10.4%), Austria (5.9%) and Finland (9.4%). The largest decrease was recorded in Spain (23.4% to 20.5%), Slovakia (12.3% to 10.3%) and Ireland (from 10.1% to 8.6%). Some fresh air seems to be coming through the EU when seeing that the best marks come from Spain.
The male unemployment rate in the Eurozone stood in January at 10.2%, one tenth lower than the previous month and by 8.8% in the European Union, three tenths less than in December. Meanwhile, the female unemployment rate stood at 10.6% in the Eurozone, as in December, while in the European Union repeated at 9.1%.
As for unemployment among young people under 25, the figure reached in January, 4.4 million people in the whole of the European Union, of which 3 corresponded to the Eurozone. Compared to 2015, youth unemployment fell by 0.4 million people in the European Union and 0.2 million people in the Eurozone.
In this way, Eurostat estimated the youth unemployment rate was around 19.7% in the European Union, one tenth less than in December and eight points fewer than a year earlier, while in the Eurozone stood at 22%, compared to 22.1% the previous month and 22.8% in January 2015. This is another big concern that modern society has now a days because a massive part of the young population it is not working at all.
The highest rates of youth unemployment were observed in Greece (48% in November 2015), Spain (45%), Croatia (44.1% in December) and Italy (39.3%). Meanwhile, countries with lower youth unemployment rates were Germany (7.1%), Czech Republic (11%) and Denmark (11.1%).