Un­em­ploy­ment rate reached 9.2% in Novem­ber

Financial Mirror (Cyprus) - - CYPRUS -

Cyprus’ sea­son­ally-ad­justed un­em­ploy­ment rate at 9.2% is the fourth high­est in the euro area and above the EA19 av­er­age of 7.9% in Novem­ber 2018, down from 8% in Oc­to­ber.

The av­er­age rate of un­em­ploy­ment in Novem­ber is the low­est rate recorded in the euro area since Oc­to­ber 2008.

The high­est un­em­ploy­ment rates were ob­served in Greece (18.6% in Septem­ber), Spain (14.7%), Italy (10.5%) and Cyprus (9.2%). Cyprus un­em­ployed rate went up in Novem­ber from 8.8% in Oc­to­ber.

Among the Mem­ber States, the low­est un­em­ploy­ment rates in Novem­ber 2018 were recorded in the Czech Repub­lic (1.9%), Ger­many (3.3%) and the Nether­lands (3.5%). Com­pared with a year ago, the un­em­ploy­ment rate fell in all Mem­ber States ex­cept Es­to­nia where it re­mained sta­ble. The largest de­creases were reg­is­tered in Croa­tia (from 10.0% to 7.8%), Greece (from 20.8% to 18.6% be­tween Septem­ber 2017 and Septem­ber 2018) and Spain (from 16.5% to 14.7%). In Novem­ber, the un­em­ploy­ment rate in the United States was 3.7%, sta­ble com­pared with Oc­to­ber 2018 and down from 4.1% in Novem­ber 2017.

The EU28 un­em­ploy­ment rate was 6.7% in Novem­ber, sta­ble com­pared with Oc­to­ber 2018 and down from 7.3% in Novem­ber 2017. This re­mains the low­est rate recorded in the EU28 since the start of the EU monthly un­em­ploy­ment se­ries in Jan­uary 2000. Euro­stat es­ti­mates that 16.491 mil­lion men and women in the EU28, of whom 13.040 mil­lion in the euro area, were un­em­ployed in Novem­ber.

Com­pared with Oc­to­ber 2018, the num­ber of un­em­ployed de­creased by 107,000 in the EU28 and by 90,000 in the euro area. Com­pared with Novem­ber 2017, un­em­ploy­ment fell by 1.489 mil­lion in the EU28 and by 1.135 mil­lion in the euro area.

In Novem­ber 3.444 mil­lion young per­sons (un­der 25) were un­em­ployed in the EU28, of whom 2.452 mil­lion were in the euro area. Com­pared with Novem­ber 2017, youth un­em­ploy­ment de­creased by 189,000 in the EU28 and by 90,000 in the euro area. The youth un­em­ploy­ment rate was 15.2% in the EU28 and 16.9% in the euro area, com­pared with 16.1% and 17.8% re­spec­tively in Novem­ber 2017.

Low­est rates were ob­served in the Czech Repub­lic (4.9%), Ger­many (6.1%) and the Nether­lands (6.9%), while the high­est were recorded in Greece (36.6%), Spain (34.1%) and Italy (31.6%). In Cyprus the youth un­em­ploy­ment rate was 19.3%.

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