Spain Doubled The Unemployment Rate In The Euro Zone In August

The unemployment rate in the euro zone stood at 8.1% last August, one tenth above the level of the previous month and its worst reading since July 2018, while in the EU as a whole it rose by one tenth, to 7.4%, the highest since April 2018, according to Eurostat, which places Greece and Spain at the head of unemployment in Europe, with a rate of 18.3% (until June) and 16 , 2%, respectively.

The Community Statistical Office estimates that 15.6 million people were unemployed in the EU in August 2020, of which 13.18 million were in the euro zone, representing an increase of 238,000 unemployed in the EU and 251,000 in the euro zone compared to the previous month. However, compared to August 2019, the number of unemployed in the euro area grew by 1.4 million people and by 955,000 in the EU.

Among the 27, the countries with the highest registered unemployment were Greece, with 18.3% in June, followed by Spain, with 16.2%, and Italy, with 9.7%. In contrast, the countries with the lowest unemployment levels in August were the Czech Republic, with 2.7%, ahead of Poland (3.1%) and Malta (4.1%).

Female unemployment rises

On the other hand, the female unemployment rate in the EU rose to 7.6% from 7.5% in July, while in the euro zone it reached 8.4%, one tenth more than in July. Among men, unemployment remained at 7.1%, while in the euro zone it went from 7.8% in July to 7.9%. In the case of Spain, the unemployment rate among women increased in August to 17.2% from 16.9%, while among men it rose to 15.3% from 14.9%.

Among those under 25 years of age, the unemployment rate was 17.6% in the EU and 18.1% in the euro area, above the 17.4% and 17.8% registered, respectively, in July. In absolute figures, the number of unemployed young people in the EU reached 3.03 million in July, of which 2.46 million corresponded to the euro area, which implies an increase of 64,000 unemployed young people in the EU and 69,000 in the eurozone compared to the previous month.

In the case of Spain, the youth unemployment rate stood at 43.9% in August from 41.7% the previous month, the highest in the entire EU, ahead of 39.3% in Greece in June . In absolute figures, there were 555,000 unemployed young people in Spain in July, an increase of 38,000 compared to the previous month and of 43,000 in one year.