Euro Area Employment Rate At 11.3%

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The euro area’s (E17) seasonally-adjusted unemployment rate was 11.3% in July 2012, stable compared with June, 2012; 1.2% up compared with July 2011.The EU27 unemployment rate was 10.4% in July 2012, also stable compared with June 2012; 0.8% up compared to July 2011.

Eurostat, the statistical office of the European Union, estimates that about 25 million men and women in the EU27, of whom 18 million were in the euro area, were unemployed in July 2012. Compared with June 2012, the number of people unemployed increased by 43,000 in the EU27 and by 88,000 in the euro area.

Compared with July 2011, unemployment rose by about 2 million in the EU27and just over 2 million in the euro area.

Among the Member States of the European Union, the lowest unemployment rates were recorded in Austria (4.5%), the Netherlands (5.3%), Germany, and Luxembourg (both 5.5%). The highest unemployment rates were in Spain (25.1%) and Greece (23.1% in May 2012).

Compared with a year ago, the unemployment rate fell in 10 Member States, increased in 16 and remained stable in Slovenia. The largest falls in unemployment were observed in Estonia(13.2% to 10.1% between the second quarters of 2011 and 2012), Lithuania(15.2% to 13.0%), and Latvia(17.0% to 15.9% between the second quarters of 2011 and 2012). The highest increases in unemployment were registered in Greece(16.8% to 23.1% between May 2011 and May 2012), Spain (21.7% to 25.1%), and Cyprus (7.7% to 10.9%).

The EA17 includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia, and Finland.

The EU27 includes Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE),

Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU),

Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE), and the United Kingdom (UK).

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About Author

Lucy Culpepper

Lucy Culpepper has traveled to, written about, and worked in some 30 countries. She is originally from Wales in the United Kingdom, has lived all over the UK, in southern California, Spain, and France and has spent extended time in Mexico, Panama, and Costa Rica.