Approximately 13.249 million individuals in the EU, including 11.102 million in the euro area, were unemployed in February 2024. A closer look at the monthly changes shows that unemployment figures decreased by 13,000 in the EU while experiencing a slight increase of 17,000 in the euro area. When compared with February 2023, the EU saw an increase in unemployment by 156,000, whereas the euro area witnessed a decrease of 30,000.

Youth unemployment presented a mixed picture. In February 2024, 2.899 million young people (under 25) were out of work in the EU, with 2.319 million in the euro area. The youth unemployment rate was 14.8 per cent in the EU, marginally down from 14.9 per cent in January 2024, and 14.6 per cent in the euro area, remaining stable compared to the previous month. Despite a decrease of 13,000 in youth unemployment in the EU and 4,000 in the euro area from January 2024, the year-on-year comparison to February 2023 shows a significant increase of 174,000 in the EU and 91,000 in the euro area, as per Eurostat.

Gender-specific unemployment rates in February 2024 show that the rate for women was 6.4 per cent in the EU, stable from January 2024, while the rate for men decreased slightly to 5.7 per cent from 5.8 per cent the previous month. In the euro area, the unemployment rates for women and men were 6.9 per cent and 6.1 per cent respectively, both remaining unchanged from January 2024.

Fibre2Fashion News Desk (DP)