Eurostat, the statistical office of the European Union, has released data indicating that the seasonally-adjusted unemployment rate in the euro area remained unchanged at 6.5% in February 2024 compared to January 2024, marking a slight decrease from 6.6% in February 2023. Similarly, the unemployment rate in the wider EU region held steady at 6.0% in February 2024, consistent with both January 2024 and February 2023 figures.
According to Eurostat’s estimates, approximately 13.249 million individuals in the EU were unemployed in February 2024, with 11.102 million of them residing in the euro area. Comparing February 2024 to January 2024, unemployment decreased by 13 thousand in the EU but increased by 17 thousand in the euro area. In contrast, compared to February 2023, unemployment rose by 156 thousand in the EU while declining by 30 thousand in the euro area.
Youth unemployment remains a significant concern, with 2.899 million young individuals under the age of 25 reported as unemployed in the EU in February 2024, including 2.319 million in the euro area. The youth unemployment rate stood at 14.8% in the EU, slightly down from 14.9% in January 2024, while remaining stable at 14.6% in the euro area. Compared to January 2024, youth unemployment decreased by 13 thousand in the EU and by 4 thousand in the euro area. However, in a year-on-year comparison, youth unemployment saw an increase of 174 thousand in the EU and 91 thousand in the euro area.
Examining unemployment by gender, the unemployment rate for women in the EU remained steady at 6.4% in February 2024, while the rate for men declined slightly to 5.7%, down from 5.8% in January 2024. In the euro area, women faced an unemployment rate of 6.9%, while men experienced a rate of 6.1%, both unchanged from January 2024.
The data, based on the International Labour Organisation (ILO) standard definition of unemployment, underscores ongoing challenges in the European labor market despite some signs of stability.
