Euro Area Unemployment Drops to 6.4% in July 2024

In July 2024, the seasonally-adjusted unemployment rate in the euro area fell to 6.4%, down from 6.5% in June 2024 and 6.6% in July 2023, according to Eurostat, the statistical office of the European Union. The EU-wide unemployment rate remained steady at 6.0% compared to the previous month and the same period last year.

Eurostat estimates that 13.108 million people were unemployed in the EU, with 10.990 million of those in the euro area. Compared to June 2024, unemployment decreased by 82,000 in the EU and by 114,000 in the euro area. Year-on-year, unemployment fell by 72,000 in the EU and by 190,000 in the euro area.

Youth unemployment in the EU stood at 14.5%, slightly down from 14.6% in June 2024, with the euro area seeing a drop from 14.4% to 14.2%. The number of unemployed young people decreased by 25,000 in the EU and by 37,000 in the euro area compared to the previous month. However, compared to July 2023, youth unemployment increased by 8,000 in the EU but decreased by 66,000 in the euro area.

The unemployment rate for women in the EU dropped to 6.1% in July 2024 from 6.2% in June, while for men, it remained stable at 5.8%. In the euro area, the unemployment rate for women decreased to 6.6%, down from 6.7% the previous month, while the rate for men held steady at 6.2%.