In November, while Spain and France faced some of the highest unemployment rates across Europe, Germany emerged as a leader with the lowest jobless rate in the euro area.
According to Eurostat, the unemployment rate in the euro area for November 2024 remained steady at 6.3%, mirroring the figures from October and aligning with analyst predictions. This rate is notable as it marks a historical low.
The total number of unemployed individuals in November dropped to 10.819 million, reflecting a decrease of 39,000 from the previous month. Notably, the youth unemployment rate—those under 25 actively seeking jobs—remained unchanged at 15%. While consistent with October’s figures, this rate is the highest observed since October 2023.
Year-on-year comparisons highlight a decline in unemployment, with 333,000 fewer individuals out of work in the euro area in November 2024 compared to the same month in 2023.
The unemployment rate within the European Union (EU) reached 5.9% during November, holding steady since October but down from the 6.1% recorded in November 2023. Additionally, the number of unemployed individuals in the EU fell by 16,000 to 12.968 million since October. Year-on-year, this resulted in a decrease of 295,000 unemployed individuals across the EU.
Among the major European economies, Spain reported one of the highest unemployment rates at 11.2%, followed by France at 7.7%, with Italy also experiencing a relatively high rate of 5.7%. Conversely, Germany showcased impressive results, boasting the lowest unemployment rate in the euro area at just 3.4%.
Italian Unemployment Rate Surprises Analysts
Italy’s unemployment rate for November 2024 was also released, indicating a record low of 5.7% as reported by the National Institute of Statistics (ISTAT). This figure represents a slight improvement from October’s 5.8% and falls below analyst forecasts, which had predicted a rate of 6%.
In November, the total number of unemployed individuals in Italy decreased to 1,457,000, a decline of 24,000 from October. This number is the lowest recorded in over 17 years. The labour force participation rate, which reflects the percentage of working-age individuals either employed or actively searching for work, held stable at a 21-month low of 66.3%.
Italy’s impressive unemployment figures indicate the resilience of its labour market amidst sluggish economic growth stemming from the pandemic. Strategic initiatives, such as the National Recovery and Resilience Plan (NRRP), along with various government support and stimulus measures, have significantly contributed to job creation in sectors like telecommunications and have aided vulnerable job seekers in their employment pursuits.
Photo credit & article inspired by: Euronews
