Eurozone unemployment rate fell more than expected in May

According to the report from Eurostat, in May 2021, the euro area seasonally-adjusted unemployment rate was 7.9%, down from 8.1% in April 2021 and up from 7.5% in May 2020. Economists had expected a decrease to 8.0%. The EU unemployment rate was 7.3% in May 2021, down from 7.4% in April 2021 and up from 6.9% in May 2020. 

Eurostat estimates that 15.278 million men and women in the EU, of whom 12.792 million in the euro area, were unemployed in May 2021. Compared with April 2021, the number of persons unemployed decreased by 382 000 in the EU and by 306 000 in the euro area. Compared with May 2020, unemployment rose by 949 000 in the EU and by 803 000 million in the euro area.

In May 2021, 2.979 million young persons (under 25) were unemployed in the EU, of whom 2.403 million were in the euro area. In May 2021, the youth unemployment rate was 17.3% in the EU and 17.5% in the euro area, down from 18.2% and 18.4% respectively in the previous month. Compared with April 2021, youth unemployment decreased by 174 000 in the EU and by 138 000 in the euro area. Compared with May 2020, youth unemployment increased by 119 000 in the EU and by 70 000 in the euro area.