Eurozone unemployment rate fell slightly in October

According to the report from Eurostat, in October 2020, the euro area seasonally-adjusted unemployment rate was 8.4%, down from 8.5% in September 2020 and up from 7.4% in October 2019. The EU unemployment rate was 7.6% in October 2020, stable compared with September 2020 and up from 6.6% in October 2019.

Eurostat estimates that 16.236 million men and women in the EU, of whom 13.825 million in the euro area, were unemployed in October 2020. Compared with September 2020, the number of persons unemployed decreased by 91 000 in the EU and by 86 000 in the euro area. Compared with October 2019, unemployment rose by 2.186 million in the EU and by 1.692 million in the euro area.

In October 2020, 3.115 million young persons (under 25) were unemployed in the EU, of whom 2.551 million were in the euro area. In October 2020, the youth unemployment rate was 17.5% in the EU and 18.0% in the euro area, up from 17.4% and 17.9% respectively in the previous month. Compared with September 2020, youth unemployment increased by 46 000 in the EU and by 29 000 in the euro area. Compared with October 2019, youth unemployment increased by 404 000 in the EU and by 319 000 in the euro area