The unemployment rate in the euro area and the EU has not declined further in May, according to a statement by the European Union’s statistical office, Eurostat, on Monday. In Hungary, the third lowest unemployment rate in the European Union was registered in May.
In the 19 euro area Member States, 8.4 percent in April was the same as in the previous month and April was the same as the seasonally adjusted unemployment rate. The unemployment rate in May, including stagnation, has been the lowest in the euro area since December 2008. A year earlier, in May 2017, the unemployment rate was 9.2 per cent in the euro area.
In the 28 member states of the European Union, the same seasonally adjusted unemployment rate in April was recorded in May, 7.0 percent, which was the lowest since August 2008. The EU unemployment rate in May 2017 was 7.7 per cent.
The lowest unemployment rate was registered in the Czech Republic in May, 2.3 per cent. The second ranked Germany was 3.4%, and the third was Hungary 3.7% (April data).
The highest unemployment rate was registered in Greece, 20.1 per cent (in March), and 15.8 per cent in Spain. Italy, with 10.7 per cent unemployment, is ranked third in the list of EU member states with the greatest unemployment.
By comparison, the US unemployment rate was 3.8 percent in May, down from 3.9 percent in April and 4.3 percent in the previous year.
The unemployment rate declined in all EU countries compared to a year earlier, mostly in Cyprus, from 11.4 per cent to 8.4 per cent. The second largest drop was achieved by Croatia, where unemployment rose by 8.9 percent in 11.3 percent a year earlier. From this point of view, Greece also achieved a result, as its unemployment rate declined to 20.1 percent (in March) from 22.1 percent a year earlier. In Portugal, there has also been a remarkable decline over a year, the rate fell to 7.3 per cent from 9.2 per cent.