Cyprus unemployment rate reached 9.2% in November

Cyprus’ seasonally-adjusted unemployment rate at 9.2% was the fourth highest in the euro area in Novermber, EU data shows.

It is way above the EA19 average of 7.9% in November 2018 down from 8% in October.

The average rate of unemployment in November is the lowest rate recorded in the euro area since October 2008.

The highest unemployment rates were observed in Greece (18.6% in September), Spain (14.7%), Italy (10.5%) and Cyprus (9.2%). Cyprus unemployed rate went up in November from 8.8% in October.

Among the Member States, the lowest unemployment rates in November 2018 were recorded in Czechia (1.9%), Germany (3.3%) and the Netherlands (3.5%).

Compared with a year ago, the unemployment rate fell in all Member States except Estonia where it remained stable. The largest decreases were registered in Croatia (from 10.0% to 7.8%), Greece (from 20.8% to 18.6% between September 2017 and September 2018) and Spain (from 16.5% to 14.7%).

In November, the unemployment rate in the United States was 3.7%, stable compared with October 2018 and down from 4.1% in November 2017.

The EU28 unemployment rate was 6.7% in November, stable compared with October 2018 and down from 7.3% in November 2017. This remains the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000.

Eurostat estimates that 16.491 million men and women in the EU28, of whom 13.040 million in the euro area, were unemployed in November.

Compared with October 2018, the number of unemployed decreased by 107,000 in the EU28 and by 90,000 in the euro area.

Compared with November 2017, unemployment fell by 1.489 million in the EU28 and by 1.135 million in the euro area.

Youth unemployment

In November 3.444 million young persons (under 25) were unemployed in the EU28, of whom 2.452 million were in the euro area. Compared with November 2017, youth unemployment decreased by 189,000 in the EU28 and by 90,000 in the euro area.

The youth unemployment rate was 15.2% in the EU28 and 16.9% in the euro area, compared with 16.1% and 17.8% respectively in November 2017.

Lowest rates were observed in Czechia (4.9%), Germany (6.1%) and the Netherlands (6.9%), while the highest were recorded in Greece (36.6%), Spain (34.1%) and Italy (31.6%). In Cyprus the youth unemployment rate was 19.3%.

Source: Financial Mirror