Brussels, Belgium – In a surprising turn of events, the unemployment rate in the European Union (EU) dropped by a tenth of a percentage point to 5.9% in November, according to seasonally adjusted data reported by the statistical office Eurostat on Tuesday. This unexpected decline contrasts with analyst expectations of stagnation or a slight increase in unemployment. In the eurozone countries, the unemployment rate also decreased by a tenth of a point, reaching 6.4%.

The Czech Republic recorded the lowest unemployment rate in the EU, boasting a remarkable 2.4%. This notable achievement underscores the country’s robust economic performance amid broader European trends. In November 2022, the EU’s unemployment rate stood at 6.1%, while the eurozone reported a rate of 6.7%.

Eurostat’s estimations for November 2022 reveal 12.95 million unemployed individuals in the EU, including 10.97 million in the eurozone. In comparison to October, the number of unemployed people in the EU decreased by 144,000, while the eurozone reported a decrease of 99,000. On a year-on-year basis, the overall Union witnessed a decline of 283,000 unemployed individuals, with the eurozone experiencing a decrease of 282,000.

It’s noteworthy that Eurostat’s data for the Czech Republic, derived from the Czech Statistical Office (CSO), differs from figures reported by the Labor Office of the Czech Republic. While Eurostat reports a November unemployment rate of 2.4%, the Labor Office registered a rate of 3.5%. The CSO calculates the unemployment rate based on a sample survey of the labor force, while the Labor Office tallies registered job applicants. The latter office also released figures for December, indicating a slight increase in the unemployment rate to 3.7%.

Among individuals aged up to 25 years, the unemployment rate in both the EU and the eurozone experienced a noteworthy drop of three-tenths of a percentage point, reaching 14.5% in November compared to October. With 2.81 million young people unemployed in the EU and 2.32 million in the eurozone, the decline offers a positive outlook for youth employment prospects.

Article by Prague Forum