02/04/2020 10:07
The euro area seasonally-adjusted unemployment rate was 7.3% in February 2020 – the month before COVID-19 containment measures began to be widely introduced by Member States –, down from 7.4% in January 2020 and from 7.8% in February 2019, according to figures published by Eurostat, the statistical office of the European Union. According to Eurostat, this is the lowest rate recorded in the euro area since March 2008.
The EU unemployment rate was 6.5% in February 2020, stable compared with January 2020 and down from 6.9% in February 2019. This remains the lowest rate recorded in the EU since the start of the monthly unemployment series in February 2000.
In Cyprus, unemployment further declined to 5.8% in February 2020 (5.1% for males and 6.5% for females), down from 6.0% in January 2020 and 7.5% in February 2019, or down to 26 000 individuals compared to 34 000 a year ago. The latest rate for youth unemployment was 15.2% in December 2019. In Greece unemployment was 16.3% in December 2019 (latest available data).
Eurostat estimates that 13.984 million men and women in the EU, of whom 12.047 million in the euro area, were unemployed in February 2020. Compared with January 2020, the number of persons unemployed decreased by 62 000 in the EU and by 88 000 in the euro area. Compared with February 2019, unemployment fell by 784 000 in the EU and by 663 000 in the euro area.
Among the Member States, the lowest unemployment rates in February 2020 were recorded in Czechia (2.0%), the Netherlands and Poland (both 2.9%). The highest unemployment rates were observed in Greece (16.3% in December 2019) and Spain (13.6%). Compared with a year ago, the unemployment rate fell in 19 Member States, remained stable in Germany and Portugal, while it increased in Czechia (from 1.9% to 2.0%), Romania (from 3.8% to 3.9%), Luxembourg (from 5.4% to 5.7%), Estonia (from 4.2% to 4.7% between January 2019 and January 2020), Lithuania (from 6.0% to 6.6%) and Sweden (from 6.6% to 7.2%). The largest decreases were registered in Greece (from 18.5% to 16.3% between December 2018 and December 2019), Cyprus (from 7.5% to 5.8%) and Croatia (from 7.2% to 6.2%). In February 2020, the unemployment rate in the United States was 3.5%, down from 3.6% in January 2020 and from 3.8% in February 2019.
In February 2020, 2.734 million young persons (under 25) were unemployed in the EU, of whom 2.258 million were in the euro area. Compared with February 2019, youth unemployment decreased by 85 000 in the EU and by 56 000 in the euro area. In February 2020, the youth unemployment rate was 14.9% in the EU and 15.5% in the euro area, compared with 15.5% and 16.1% respectively in February 2019. In February 2020, the lowest rates were observed in Czechia and Germany (both 5.3%) and the Netherlands (6.3%), while the highest were recorded in Greece (34.7% in December 2019), Spain (30.9%) and Italy (29.6%).