Eurozone unemployment rate unexpectedly fell in November

According to the report from Eurostat, in November 2020, the euro area seasonally-adjusted unemployment rate was 8.3%, down from 8.4% in October 2020 and up from 7.4% in November 2019. Economists had expected an increase to 8.5%. The EU unemployment rate was 7.5% in November 2020, down from 7.6% in October 2020 and up from 6.6% in November 2019.

Eurostat estimates that 15.933 million men and women in the EU, of whom 13.609 million in the euro area, were unemployed in November 2020. Compared with October 2020, the number of persons unemployed decreased by 222 000 in the EU and by 172 000 in the euro area. Compared with November 2019, unemployment rose by 1.795 million in the EU and by 1.425 million in the euro area.

In November 2020, 3.171 million young persons (under 25) were unemployed in the EU, of whom 2.629 million were in the euro area. In November 2020, the youth unemployment rate was 17.7% in the EU and 18.4% in the euro area, up from 17.5% and 18.0% respectively in the previous month. Compared with October 2020, youth unemployment increased by 51 000 in the EU and by 64 000 in the euro area. Compared with November 2019, youth unemployment increased by 456 000 in the EU and by 398 000 in the euro area.