Unemployment in Europe is lowest since 2008 but is still twice that of the United States

The Euro Area unemployment rate was 8.5% in April 2018, down from 8.6% in March 2018 and from 9.2% in April 2017. This is the lowest since December 2008 but still more than double of the US unemployment rate of 3.9% reported in April (the US unemployment rate further fell to 3.8% in May). The EU28 unemployment rate was 7.1% in April 2018, stable compared with March 2018 and down from 7.8% in April 2017. This remains the lowest rate recorded in the EU28 since September 2008.

Data Source: Eurostat (for the European Union and Iceland), State Secretariat for Economic Affairs (for Switzerland), Office for National Statistics (for the United Kingdom)
Data Source: Eurostat (for the European Union and Iceland), State Secretariat for Economic Affairs (for Switzerland), Office for National Statistics (for the United Kingdom)

Data Source: Eurostat

Greece with unemployment at 20.8%, Spain with unemployment at 15.9% and Italy with unemployment at 11.2% remain the three countries with the highest unemployment.

Data Source: Eurostat (for European Union and Iceland), State Secretariat for Economic Affairs (for Switzerland), Office for National Statistics (for the United Kingdom)

What is more intriguing is youth unemployment at 15.3% for the EU28 and 17.2% for Euro Area. Portugal, Cyprus, Croatia, France, Italy, Spain and Greece all have youth unemployment of more than 20%.

Greece with youth unemployment at 45.4%, Spain with youth unemployment at 34.4% and Italy with youth unemployment at 33.1% remain the three countries with the highest youth unemployment.

Data Source: Eurostat (for the European Union and Iceland), State Secretariat for Economic Affairs (for Switzerland), Office for National Statistics (for the United Kingdom)
Data Source: Eurostat (for the European Union and Iceland), State Secretariat for Economic Affairs (for Switzerland), Office for National Statistics (for the United Kingdom)

So, is the US doing great with regards to employment or is Europe doing badly? This chart from the OECD tells it all,

The US unemployment rate is at an 18-year low but only because the labour force participation rate is close to a 40-year low.

The Euro Area (EA19) includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

The European Union (EU28) includes Belgium, Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Ireland, Greece, Spain, France, Croatia, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Hungary, Malta, the Netherlands, Austria, Poland, Portugal, Romania, Slovenia, Slovakia, Finland, Sweden and the United Kingdom.

Leave a Reply

Your e-mail address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.