The Euro Area seasonally-adjusted unemployment rate edged down to 8.4 percent in October 2020, from an upwardly revised 8.5 percent in the previous month and moving further away from an over two-year high of 8.7 percent hit back in July. The number of unemployed decreased by 86,000 from the previous month to 13.825 million. Still, the Eurostat warns that the numbers do not capture in full the unprecedented labor market situation triggered by the COVID-19 outbreak, as people only count as unemployed if they were actively seeking work in the last four weeks and were available to start work within the next two weeks. There was a sharp increase in the number of claims for unemployment benefits across the bloc; while a significant part of those who had registered in unemployment agencies were no longer actively looking for a job or no longer available for work, for instance, if they had to take care of their children. source: EUROSTAT
Unemployment Rate in the Euro Area averaged 9.56 percent from 1995 until 2020, reaching an all time high of 12.10 percent in April of 2013 and a record low of 7.20 percent in February of 2020. This page provides the latest reported value for - Euro Area Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
Unemployment Rate in Euro Area is expected to be 9.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Euro Area to stand at 9.00 in 12 months time. In the long-term, the Euro Area Unemployment Rate is projected to trend around 8.80 percent in 2021 and 8.40 percent in 2022, according to our econometric models.