Eurozone jobless rate falls back to record-low 6.2%

(Sharecast News) - The jobless rate across the eurozone fell back to a record low in July after being revised higher the previous month, according to data out on Monday from Eurostat. The seasonally adjusted unemployment rate for the single-currency region was 6.2% last month, down from 6.3% in June, which was changed from earlier estimates of 6.2%. This was in line with market expectations.

The jobless rate stayed within a narrow range of 6.2-6.4% over the past 12 months, following a steady climb down from the 8%+ levels recorded during the height of the Covid pandemic.

Some 10.805m people across the eurozone were unemployed during July, down 165,000 over the month, with youth unemployment falling 81,000 to 2.227m.

The youth unemployment rate, defined as those out of work under the age of 25, dropped to 13.9% from 14.3%.

Comparing member states, the highest jobless rates in July were recorded in Spain (10.4%, unchanged over the month) and Greece (8.0%, down from 9.0%), while the lowest rates were seen in Malta (unchanged at 2.6%) and Slovenia (3.0%, down from 3.2%).