Record Low Levels of Unemployment in the Euro Area
In May 2019, the unemployment rate in the 28 countries of the European Union fell to a new record low of 6.3%, within the eurozone - to a near 11-year low of 7.5%, and in Bulgaria stabilized in April a historic bottom of 4.5% - the lowest level since 2000 since Eurostat has data for our country.
Unemployment in the EU declined from 6.4% in April to 6.3% in May - the lowest unemployment since Eurostat launched this monthly survey in January 2000, a year earlier at the level of 6 , 9%. Within the euro area, the unemployment rate fell to 7.5% compared to 7.6% in April and 8.3% a year earlier.
According to European statistics, a total of 15,653 million Europeans, of which 12,348 million from the eurozone, were unemployed in the fifth month of this year, compared to April reported a decrease of 71,000 unemployed in the EU and 103,000 in the eurozone. Compared to May 2018, the total number of unemployed Europeans declined by 1,277 million, of which 1,133 million in the single currency unit.
The record low levels of unemployment in the euro area and across the EU remain one of the few positive news about the state of the European economy and suggest that the danger of recession is unlikely. At least, in theory, very low unemployment must support consumer spending and, respectively, the economy of the old continent.
The lowest unemployment in April was registered in the Czech Republic, followed by Germany (3.1%) and the Netherlands (3.3%), while unemployment remained the highest in Greece in Spain.
In May, a total of 3.217 million young people under the age of 25 were unemployed in the EU, representing a decrease in youth unemployment by 176 thousand compared to a year earlier when unemployment among young Europeans was at 15.1% .
Eurostat also presented data according to which the unemployment rate in Bulgaria stabilized in May in the April record-breaking historic bottom of 4.5%. A year earlier, unemployment in our country was at 5.3%.
By this indicator, our country ranks eleventh among all 28 members of the European Union with the lowest unemployment rate and is one of the 18 EU countries with lower-than-average EU unemployment.
In the fifth month of this year, 150,000 Bulgarians were unemployed, compared to 152,000 in April and 177,000 in May 2018, according to Eurostat's current data. This is a record low number of unemployed Bulgarians since the statistics for our country have existed since the beginning of the distant year 1995.
The youth unemployment rate in Bulgaria rose in May to 11.1% from 10.8% in the previous month, while in the fifth month of the year unemployed there were a total of 15 thousand Bulgarian young people under 25 compared to 15 thousand and in April and 21 thousand a year earlier.
Eurostat data also shows that female unemployment in our country declined in May to 4.1% from 4.2% in April - far below 4.8% a year earlier, while male unemployment declined to 4.7% from 4.8% a month earlier and 5.8% in May 2018.
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