Eurozone unemployment rate unexpectedly fell in February

Eurostat, the statistical office of the European Union, said, 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. This is the lowest rate recorded in the euro area since March 2008. Unemployment was expected to be 7.4%.

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.

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.

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.