Unemployment in the Eurozone is at historic lows
The unemployment rate in the Eurozone fell to 6.4 percent in April, reaching its lowest level since the creation of the common currency.
According to April labor force data for the European Union (EU) and the Euro Zone announced by the European Statistical Office, unemployment decreased to 6.4 percent.
Seasonally adjusted unemployment, which was 6.5 percent in March, fell to 6.4 percent in April, its lowest level since the establishment of the common currency.
In the EU, unemployment, which was calculated as 6 percent in March, remained stable in April.
The unemployment rate was measured as 6.5 percent in the Euro Zone and 6 percent in the EU in the same period last year.
The number of unemployed people in the EU was 13 million 149 thousand in April. 10 million 998 thousand of the unemployed were in the Euro Zone.
Meanwhile, regional unemployment peaked at more than 12 percent during the Eurozone crisis in 2013, but then declined steadily before experiencing a short-lived increase during the Covid-19 pandemic.
The number of young unemployed people in the EU decreased to 2 million 830 thousand
While unemployment remained high in Spain and Greece, Germany stood out as the country with the lowest unemployment rate in both the EU and the Eurozone.
The lowest unemployment rate in the EU as of March was recorded in the Czech Republic with 2.7 percent. The country with the highest unemployment rate was Spain with 11.7 percent. Greece followed Spain with 10.8 percent.
The number of unemployed young people under the age of 25 was calculated as 2 million 830 thousand in the EU and 2 million 272 thousand in the Eurozone in April.
Thus, the youth unemployment rate decreased from 14.7 percent to 14.4 percent in the EU and from 14.3 percent to 14.1 percent in the Eurozone in April.
The country with the highest youth unemployment rate was Spain with 26.5 percent. This country was followed by Greece with 22.6 percent and Slovakia with 20.8 percent.
The lowest youth unemployment was recorded in Germany with 5.8 percent.