Eurostat has unveiled its latest findings on unemployment rates across the EU and Eurozone for July 2024.
According to data released on August 30, 2024, approximately 13.108 million individuals were unemployed in the EU, with 10.990 million residing in the Eurozone. This marks a decrease of 82,000 in the EU and 114,000 in the Eurozone compared to the previous month. Year-over-year, unemployment has dropped by 72,000 in the EU and by 190,000 in the Eurozone since July 2023.
Youth Unemployment Trends
Delving deeper, Eurostat highlighted the situation regarding youth unemployment across the continent.
In July 2024, 2.818 million young individuals under the age of 25 were unemployed in the EU, with 2.263 million in the Eurozone. The youth unemployment rate stood at 14.5% in the EU, slightly down from 14.6% in June 2024, and at 14.2% in the Eurozone, decreasing from 14.4% the previous month.
When comparing figures from June 2024, the EU saw a reduction of 25,000 in youth unemployment, while the Eurozone experienced a decline of 37,000. However, compared to July 2023, the EU reported an increase of 8,000 in youth unemployment, whereas the Eurozone noted a decrease of 66,000.
Unemployment Among Ukrainian Refugees
Since the onset of the Russia-Ukraine conflict in February 2022, many fleeing the war have been granted temporary protection in the EU through the EU Temporary Protection scheme.
This scheme provides beneficiaries access to employment in accordance with professional regulations, national labor market policies, and general employment conditions. Eurostat compiled data on the registered unemployment of Ukrainian refugees across the continent.
Eurostat called on EU member states and EFTA countries to submit data regarding the labor market situation of those escaping the conflict. Monthly data were gathered concerning registered unemployed refugees within national public employment services.
As of March 2022, information was available from 14 EU member states and Switzerland. By May and June 2024, the coverage expanded to 21 EU member states and Switzerland, although data for some countries were not fully available in July 2024. Generally, data were collected from bordering countries with Ukraine and the largest EU member states, excluding Italy, but coverage varied throughout the months.
The following highlights were noted:
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In July 2024, 277,000 Ukrainian refugees were registered as unemployed in the 19 nations that provided data to Eurostat.
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In June 2024, this figure stood at 272,000 among 21 reporting countries.
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In May 2024, 273,000 Ukrainian refugees were recorded as unemployed in the same 21 countries.
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Eurostat further reported demographics of the registered unemployed refugees. For those with available data in July 2024, 168,000 were women aged 25 and over, while 78,000 were men aged 25 and older. Additionally, 30,000 individuals under 25 were also registered as unemployed that month.
This data offers a comprehensive overview of unemployment challenges facing the EU and highlights the ongoing impact of external conflicts such as the war in Ukraine.
Photo credit & article inspired by: Euronews
