The Euro Area seasonally-adjusted unemployment rate edged up to 7.4 percent in March of 2020 from 7.3 percent in the previous month and below market expectations of 7.7 percent, as the number of unemployed persons increased by 197 thousand to 12.156 million. The COVID-19 confinement measures introduced in March 2020 have triggered a sharp increase in the number of claims for unemployment benefits across the EU. At the same time, a significant part of those who had registered in unemployment agencies were no longer actively looking for a job, e.g. limited by the confinement measures or no longer available for work, for instance, if they had to take care of their children during the lockdown. This leads to discrepancies in the number of registered unemployed and those measured as unemployed according to the ILO definition.
Unemployment Rate in the Euro Area averaged 9.59 percent from 1995 until 2020, reaching an all time high of 12.10 percent in February of 2013 and a record low of 7.30 percent in October of 2007. This page provides the latest reported value for - Euro Area Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Euro Area Unemployment Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2020. source: Eurostat
Unemployment Rate in Euro Area is expected to be 9.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Euro Area to stand at 11.20 in 12 months time. In the long-term, the Euro Area Unemployment Rate is projected to trend around 10.40 percent in 2021 and 9.10 percent in 2022, according to our econometric models.