Unemployment in both the euro area and the Union fell slightly in November

Unemployment in both the euro area and the Union fell slightly in November

Unemployment rates in the euro area and the European Union (EU) as a whole fell slightly in November 2020, to 8.3 percent for the Euroregion and 7.5 percent for the Union as a whole. Data from the European statistical office Eurostat showed this on Friday. To illustrate, in October, the unemployment rate in the euro area was 8.4% and in the EU it reached 7.6%. However, year-on-year, unemployment in the euro-paying region rose from 7.6% in November 2019 and from 6.6% in the EU. Eurostat estimates that in November 2020, 15.933 million men and women were out of work in the EU, of which 13.609 million were in the euro area. Compared to October 2020, the number of unemployed decreased by 222,000 in the EU and by 172,000 in the euro area. Compared to November 2019, unemployment in the EU increased by 1.795 million and in the euro area by 1.425 million. Eurostat added that in November 2020, 3.171 million young people under the age of 25 were unemployed in the EU, of which 2.699 million were in the euro area. The youth unemployment rate in the EU rose to 17.7% in November from 17.5% in October and rose to 18.4% in the euro area from 18% in the previous month. In November, compared to October, the number of young unemployed increased by 51,000 in the EU and 64,000 in the euro area. Compared to November 2019, there were 456,000 unemployed young people in the Union and 398,000 in the euro area. In November 2020, the female unemployment rate in the EU was 7.9%, down from 8% in October, and the male unemployment rate fell to 7.1% from 7.2% in October. In the euro area, the unemployment rate for women fell to 8.8% in November from 8.9% and for men to 7.9% from 8% a month earlier.