Euro Area Unemployment Rises to 6.5% in June 2024

In June 2024, the seasonally-adjusted unemployment rate in the euro area rose to 6.5%, up from 6.4% in May 2024, and remained stable compared to June 2023. The European Union's unemployment rate held steady at 6.0%, unchanged from both the previous month and June 2023, according to Eurostat, the EU's statistical office.

Eurostat estimates that 13.258 million people were unemployed in the EU in June 2024, with 11.122 million of them in the euro area. Compared to May 2024, unemployment increased by 52,000 in the EU and by 41,000 in the euro area. Year-over-year, unemployment grew by 188,000 in the EU and by 81,000 in the euro area.

Youth unemployment in the EU stood at 14.4% in June 2024, a slight decrease from 14.5% in May 2024. In the euro area, youth unemployment was 14.1%, down from 14.2% the previous month. This equates to 2.831 million young unemployed individuals in the EU, with 2.270 million in the euro area. Compared to May 2024, youth unemployment fell by 2,000 in the EU and by 20,000 in the euro area. However, compared to June 2023, youth unemployment increased by 18,000 in the EU and by 8,000 in the euro area.

In June 2024, the unemployment rate for women in the EU was 6.3%, unchanged from May 2024, while the rate for men was 5.8%, also stable. In the euro area, the unemployment rate for women was 6.8%, up from 6.7% the previous month, and for men, it remained stable at 6.2%.

These unemployment figures adhere to the International Labour Organisation's (ILO) standard definition, which includes people without a job who have actively sought work in the last four weeks and are available to start work within the next two weeks.

Eurostat's unemployment data is complemented by additional labor market indicators such as underemployed part-time workers, people seeking work but not immediately available, and those available to work but not actively seeking. These indicators were released alongside the Labour Force Survey (LFS) data for the first quarter of 2024. The LFS data for the second quarter of 2024 will be published on September 13, 2024.