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EU unemployment drops to lowest level in nearly two decades: Eurostat

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EU unemployment drops to lowest level in nearly two decades: Eurostat
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The unemployment rate in the European Union has dropped to its lowest level in more than 19 years, Eurostat announced on Monday.

According to the EU's official statistics agency, unemployment in the bloc stood at 6.2% in August, down from 6.3% the month before and from 6.7% in August 2018.

That amounts to more than 15.4 million men and women out of work.

"This is the lowest rate recorded in the EU28 since the start of the EU monthly series in January 2000," Eurostat said in a statement.

"Compared with a year ago, the unemployment rate fell in 24 member states, remained stable in Luxembourg, while it increased in Denmark (from 4.9% to 5.0%), Lithuania (from 6.1% to 6.6%) and Sweden (from 6.3% to 7.1%," it added.

Czechia recorded the lowest rate of all member state at just 2%. It was followed by Germany and Malta with 3.1% and 3.3% respectively.

At the bottom of the table is Greece where the rate stood at 17% in June — down from 19.2% in June 2018.

Spain was the only other member state to go above the 10% threshold with 13.5%.

The rate was higher for the euro area — 7.4%, its lowest level since May 2008 — and for young people with youth unemployment recorded at 14.2% for the entire bloc and 15.4% in the euro area.

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