The unemployment rate in the euro area in March was the lowest on record at 6.5%, the same as in February.
advertisementAccording to Eurostat, the unemployment rate across Europe was little changed in March compared to February.
Interest rates in the euro area remained at 6.5%, the same as in the first two months of this year and down from 6.6% in March 2023. Across the 27 EU member states, interest rates fell slightly to 6% from 6.1% in February. . It was also flat compared to March last year.
As of March 2024, it is estimated that there are 13,258,000 unemployed people in the EU, of which 11,087,000 are unemployed in the euro area.
Meanwhile, the youth unemployment rate, which includes people under 25 looking for work, fell to 14.1% in March from 14.4% in February.
In a month-on-month comparison, the number of young people looking for work fell by 11,000 in the EU and by 30,000 across the euro area.
Countries with the highest and lowest unemployment rates
The unemployment rate in Germany, the region's largest economy, appears to be fairly stable, remaining at 3.2% in the first three months of this year.
Meanwhile, Spain, the fourth-largest economy, is battling the highest unemployment rate in Europe, which has been falling slightly every month, from 11.9% in January to 11.7% in March.
France, the second-largest economy, has been cutting its own interest rates at a similar pace, to 7.3% in March. Meanwhile, Italy, the fourth largest contributor to Europe's GDP, reported an unexpected drop in its unemployment rate to 7.2%. This was revised downward from 7.4% last month and is the lowest in more than 15 years.
Among the 27 member states of the European Union, only two countries have the lowest percentages: the Czech Republic and Poland, at just under 3%.
Although there are no signs of major risks to Europe's labor market, he said it is unlikely that it will remain as stable as it currently is. Latest forecasts from global credit rating agency S&P.
“The question is no longer whether unemployment will rise this year, but by how much,” the report said, citing high labor costs, fewer job openings, and modest job growth. Ta.
S&P Global Ratings expects the unemployment rate in the euro zone to be 6.7% at the end of this year.
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