Eurozone unemployment rate unexpectedly fell in August

According to the report from Eurostat, the euro area (EA19) seasonally-adjusted unemployment rate was 7.4% in August 2019, down from 7.5% in July 2019 and from 8.0% in August 2018. This is the lowest rate recorded in the euro area since May 2008. The EU28 unemployment rate was 6.2% in August 2019, down from 6.3% in July 2019 and from 6.7% in August 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.432 million men and women in the EU28, of whom 12.169 million in the euro area, were unemployed in August 2019. Compared with July 2019, the number of persons unemployed decreased by 111 000 in the EU28 and by 115 000 in the euro area. Compared with August 2018, unemployment fell by 1.189 million in the EU28 and by 960 000 in the euro area.

In August 2019, 3.138 million young persons (under 25) were unemployed in the EU28, of whom 2.202 million were in the euro area. Compared with August 2018, youth unemployment decreased by 239 000 in the EU28 and by 205 000 in the euro area. In August 2019, the youth unemployment rate was 14.2% in the EU28 and 15.4% in the euro area, compared with 15.1% and 16.8% respectively in August 2018.