Eurozone unemployment rate unexpectedly fell in May

According to the report from Eurostat, the euro area (EA19) seasonally-adjusted unemployment rate was 7.5% in May 2019, down from 7.6% in April 2019 and from 8.3% in May 2018. This is the lowest rate recorded in the euro area since July 2008. The EU28 unemployment rate was 6.3% in May 2019, down from 6.4% in April 2019 and from 6.9% in May 2018. This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 15.653 million men and women in the EU28, of whom 12.348 million in the euro area, were unemployed in May 2019. Compared with April 2019, the number of persons unemployed decreased by 71 000 in the EU28 and by 103 000 in the euro area. Compared with May 2018, unemployment fell by 1.277 million in the EU28 and by 1.133 million in the euro area.

In May 2019, 3.217 million young persons (under 25) were unemployed in the EU28, of whom 2.295 million were in the euro area. Compared with May 2018, youth unemployment decreased by 176 000 in the EU28 and by 133 000 in the euro area. In May 2019, the youth unemployment rate was 14.3% in the EU28 and 15.7% in the euro area, compared with 15.1% and 17.0% respectively in May 2018.