Unemployment in Cyprus continues to decline from 11.8 in June to 11.6% in July, according to Eurostat – which translates to 1000 persons less being unemployed (46000 compared to 47000 in June – 8000 of whom are under 25). Seasonally adjusted unemployment rates by gender are 11.2% for males (0.2 pp drop) and 12.1% for females (stable).
Meanwhile in the euro area (EA19) seasonally-adjusted unemployment rate was 10.1% in July 2016, stable compared to June 2016 and down from 10.8% in July 2015. This remains the lowest rate recorded in the Euro area since July 2011. The EU28 unemployment rate was 8.6% in July 2016, stable compared to June 2016 and down from 9.4% in July 2015. This remains the lowest rate recorded in the EU28 since March 2009.

Eurostat estimates that 21.063 million men and women in the EU28, of whom 16.307 million were in the euro area, were unemployed in July 2016. Compared with June 2016, the number of persons unemployed decreased by 29 000 in the EU28 and by 43 000 in the euro area. Compared with July 2015, unemployment fell by 1.688 million in the EU28 and by 1.034 million in the euro area.

Among the Member States, the lowest unemployment rates in July 2016 were recorded in Malta (3.9%) as well as in the Czech Republic and Germany (both 4.2%). The highest unemployment rates were observed in Greece (23.5% in May 2016) and Spain (19.6%). Compared with a year ago, the unemployment rate in July 2016 fell in twenty-four Member States, remained stable in Denmark, while it increased in Estonia (from 6.1% to 7.0% between June 2015 and June 2016), Austria (from 5.7% to 6.0%) and Belgium (from 8.1% to 8.3%). The largest decreases were registered in Cyprus (from 15.0% to 11.6%), Croatia (from 16.5% to 13.2%) and Spain (from 21.9% to 19.6%). In July 2016, the unemployment rate in the United States was 4.9%, stable compared to June 2016 and down from 5.3% in July 2015.

In July 2016, 4.276 million young persons (under 25) were unemployed in the EU28, of whom 2.969 million were in the euro area. Compared with July 2015, youth unemployment decreased by 310 000 in the EU28 and by 136 000 in the euro area. In July 2016, the youth unemployment rate was 18.8% in the EU28 and 21.1% in the euro area, compared with 20.2% and 22.1% respectively in July 2015. In July 2016, the lowest rates were observed in Malta (7.1%) and Germany (7.2%), and the highest in Greece (50.3% in May 2016), Spain (43.9%) and Italy (39.2%).

Eurostat also released a flash estimate on Euro area annual inflation, which is expected to be 0.2% in August 2016, stable compared with July 2016. Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in August (1.3%, compared with 1.4% in July), followed by services (1.1%, compared with 1.2% in July), non-energy industrial goods (0.3%, compared with 0.4% in July) and energy (-5.7%, compared with -6.7% in July).

Leave a Reply