01/09/2020 17:23
Euro area seasonally-adjusted unemployment rate was 7.9% in July 2020, up from 7.7% in June 2020 and EU unemployment rate was 7.2% in July 2020, up from 7.1% in June 2020, according to figures published today by Eurostat, the statistical office of the European Union. Unemployment in Cyprus fell to 6.9% in July 2020 (7.4% for males and 6.3% for females), from 7.1% in June, or down from 33 000 to 31 000 individuals. A year earlier the rate was 7.0%.
In Greece unemployment increased to 17.0% in May 2020 (latest available data), from 15.7% in April 2020 and 17.2% in July 2019. Youth unemployment increased to 37.5% in May 2020 up from 32.6% in Arpril 2020 and 33.8% in July 2019.
Eurostat estimates that 15.184 million men and women in the EU, of whom 12.793 million in the euro area, were unemployed in July 2020. Compared with June 2020, the number of persons unemployed increased by 336 000 in the EU and by 344 000 in the euro area.
In July 2020, the unemployment rate for women was 7.5% in the EU, up from 7.3% in June 2020. The unemployment rate for men was 7.0% in July 2020, up from 6.8% in June 2020. In the euro area, the unemployment rate for women increased from 8.0% in June 2020 to 8.3% in July 2020 while it increased from 7.5% to 7.6% for men.
In July 2020, 2.906 million young persons (under 25) were unemployed in the EU, of whom 2.338 million were in the euro area. In July 2020, the youth unemployment rate was 17.0% in the EU and 17.3% in the euro area, up from 16.9% and 17.2% respectively in the previous month. Compared with June 2020, youth unemployment increased by 37 000 in the EU and by 29 000 in the euro area.
Euro area annual inflation down to -0.2%
Euro area annual inflation is expected to be -0.2% in August 2020, down from 0.4% in July according to a flash estimate from Eurostat, the statistical office of the European Union. Inflation in Cyprus dropped to -2.9% from -2.0% in July and remainded stable at -2.1% for Greece. Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (1.7%, compared with 2.0% in July), followed by services (0.7%, compared with 0.9% in July), non-energy industrial goods (-0.1%, compared with 1.6% in July) and energy (-7.8%, compared with -8.4% in July).