The seasonally adjusted unemployment rate in the eurozone fell slightly to 7.5% in August 2021, compared to 7.6% in July and 8.6% in August 2020, according to the latest data released. Eurostat, the statistical office of the European Union.
According to the same data, in Cyprus in August the percentage of unemployed decreased significantly to 4.4% (20 thousand people), compared to 5.2% in July (23 thousand) and compared to 8.6% (39 thousands) in August 2020.
The unemployment rate decreased throughout the European Union, reaching 6.8% in August this year compared to 6.9% in July and 7.7% in August last year.
According to Eurostat data, the number of unemployed in the EU in August 2021 was 14.469 million people (12.162 million in the eurozone). Compared to July, the number of unemployed decreased by 224 thousand in the EU and by 261 thousand in the eurozone. Compared to August last year, the number of unemployed fell by 1.965 million in the EU and by 1.861 million in the eurozone.
Reduction of unemployment in both sexes in Cyprus
In August 2021, the unemployment rate among women in the EU was at 7.2% for women, a decrease compared to July when it was at 7.4%. The unemployment rate among men was 6.5% and remained stable compared to July.
In the eurozone, the unemployment rate for women fell to 7.9% in August from 8.1% in July, while unemployment among men remained stable at 7.1%.
In Cyprus there was a decrease in unemployment both among women (5.0% in August compared to 5.8% in July and 7.9% last year) and among men (3.9% in August compared to 4.6 % in July and 9.3% last year).
Unemployment among young people
In terms of youth unemployment under the age of 25, in August 2021 it was estimated that there were 2.833 million people in the EU and 2.317 million in the eurozone.
The unemployment rate in August was at 16.2% in the EU and 16.4% in the euro area, recording a decrease of 16.4% and 16.7% respectively compared to July (decrease of 66 thousand and 63 thousand respectively).
Compared to last year in August, absolute unemployment fell by 508 thousand people in the EU and by 471 thousand in the eurozone.
There are no updated data on youth unemployment in Cyprus for July and August, as data are collected quarterly.
According to the statement, Eurostat estimates the estimates based on the International Labor Organization (ILO) definition of unemployment, which includes unemployed people who have been actively looking for work for the last four weeks and are ready to start working within next two weeks.
The pandemic and the measures, he added, have seen a sharp rise in unemployment benefits across the EU, with a significant proportion of those registered as unemployed not continuing to look for work or unable to work in cases where, for example, they had to to stay home to take care of their children.
This, it is noted, leads to inconsistencies between those registered as unemployed and those counted as unemployed under the ILO definition.
Central Banker Letters to Banks: Transparency in Charging and Accelerating Loan Restructuring
Greece: Favorable conditions for real estate investment