Europe Labor Market

Unemployment

https://ec.europa.eu/eurostat/documents/2995521/17602217/3-02102023-AP-EN.pdf

DATE	Actual	Forecast
Sep-23	6.5%	6.4%
Aug-23	6.40%	6.40%
Jul-23	6.50%	6.40%
Jun-23	6.40%	6.50%
May-23	6.50%	6.50%
Apr-23	6.50%	6.50%
Mar-23	6.50%	6.60%
Feb-23	6.60%	6.70%
Jan-23	6.70%	6.60%
Dec-22	6.60%	6.50%
Nov-22	6.50%	6.50%
Oct-22	6.50%	6.60%
Sep-22	6.60%	6.60%
Aug-22	6.60%	6.60%
Jul-22	6.60%	6.60%
Jun-22	6.60%	6.60%
May-22	6.60%	6.80%
Apr-22	6.80%	6.80%
Mar-22	6.80%	6.70%
Feb-22	6.80%	6.70%
Jan-22	6.80%	7.00%
Dec-21	7.00%	7.10%

September 2023

• Eurostat estimates that 13.026 million persons in the EU, of whom 11.017 million in the euro area, were unemployed in September 2023.
• Compared with August 2023, unemployment increased by 95 thousand in the EU and by 69 thousand in the euro area.
• Compared with September 2022, unemployment decreased by 126 thousand in the EU and by 212 thousand in the euro area.

Seasonally adjusted unemployment, totals
	Rates (%)					Number of persons (in thousands)
	Sept 22	Jun 23	Jul 23	Aug 23	Sept 23	Sept 22	Jun 23	Jul 23	Aug 23	Sept 23
Euro area	6.7	6.4	6.5	6.4	6.5	11,229	10,923	11,035	10,948	11,017
EU	6.1	6.0	6.0	6.0	6.0	13,152	12,948	13,027	12,931	13,026
Seasonally adjusted youth (under 25s) unemployment
Euro area	15.1	13.9	14.0	13.9	14.0	2,351	2,211	2,237	2,211	2,232
EU	15.1	14.3	14.1	14.1	14.2	2,874	2,763	2,718	2,703	2,741

August 2023

In August 2023, the euro area seasonally-adjusted unemployment rate was 6.4%, down from 6.5% in July 2023 and down from 6.7% in August 2022. The EU unemployment rate was 5.9% in August 2023, down from 6.0% in July 2023 and from 6.1% in August 2022. Eurostat estimates that 12.837 million persons in the EU, of whom 10.856 million in the euro area, were unemployed in August 2022.

• Compared with July 2023, unemployment decreased by 112 thousand in the EU and by 107 thousand in the euro area. Compared with August 2022, unemployment decreased by 335 thousand in the EU and by 407 thousand in the euro area.
• In August 2023, 2.687 million young persons (under 25) were unemployed in the EU, of whom 2.194 million were in the euro area. In August 2023, the youth unemployment rate was 14.0% in the EU, stable compared with July 2023, and 13.8% in the euro area, down from 13.9% in the previous mont
• In August 2023, the unemployment rate for women was 6.2% in the EU, stable compared with July 2023. The unemployment rate for men was 5.7% in August 2023, also stable compared with the previous month. In the euro area, the unemployment rate for women was 6.7%, down from 6.8% in July 2023, and the unemployment rate for men was 6.1%, also down from 6.2% in the previous month.

Seasonally adjusted unemployment, totals
	Rates (%)					Number of persons (in thousands)
	Aug 22	May 23	Jun 23	Jul 23	Aug 23	Aug 22	May 23	Jun 23	Jul 23	Aug 23
Euro area	6.7	6.5	6.4	6.5	6.4	11,263	10,963	10,874	10,963	10,856
EU	6.1	5.9	5.9	6.0	5.9	13,172	12,910	12,895	12,949	12,837
Seasonally adjusted youth (under 25s) unemployment
Euro area	15.0	14.0	13.8	13.9	13.8	2,339	2,234	2,196	2,218	2,194
EU	14.9	14.1	14.2	14.0	14.0	2,828	2,720	2,744	2,697	2,687

May 2023

	Rates (%)					Number of persons (in thousands)
	May-22	Feb-23	Mar-23	Apr-23	May-23	May-22	Feb-23	Mar-23	Apr-23	May-23
EA20	6.7	6.6	6.6	6.5	6.5	11 241	11 196	11 110	11 071	11 014
EU	6.1	6.1	6	6	5.9	13 194	13 145	13 037	13 012	12 937

Eurostat estimates that 12.937 million persons in the EU, of whom 11.014 million in the euro area (EA), were unemployed in May 2023. Compared with April 2023, unemployment decreased by 75 000 in the EU and by 57 000 in the euro area. Compared with May 2022, unemployment decreased by 257 000 in the EU and by 227 000 in the euro area.

• In May 2023, the euro area seasonally-adjusted unemployment rate was 6.5 %, stable compared with April 2023 and down from 6.7 % in May 2022. The EU unemployment rate was 5.9 % in May 2023, down from 6.0 % in April 2023 and from 6.1 % in May 2022.
• In May 2023, 2.696 million young persons (under 25) were unemployed in the EU, of whom 2.226 million were in the euro area. In May 2023, the youth unemployment rate was 13.9 % both in the EU and in the euro area, respectively up from 13.8 % and stable compared with the previous month
• In May 2023, the unemployment rate for women was 6.2 % in the EU, down from 6.3 % in April 2023. The unemployment rate for men was 5.7 % in May 2023, stable compared with the previous month.

Wage Growth

https://ec.europa.eu/eurostat/documents/2995521/16975487/3-16062023-BP-EN.pdf/3ab53af9-23b2-978d-2a6d-1cf8a8fffbae#:~:text=In%20the%20euro%20area%2C%20wages,the%20first%20quarter%20of%202023.

Q2 2023

	Whole economy (NACE Rev. 2 sections B to S)
	Q3 2022			Q4 2022			Q1 2023			Q2 2023				Q3 2023
	TOTAL	WAGES	OTHER	TOTAL	WAGES	OTHER	TOTAL	WAGES	OTHER	TOTAL		WAGES	OTHER	TOTAL	WAGES	OTHER
Euro area 20	3.4	2.7	5.5	6.0	5.3	8.0	5.3	5.0	6.4	4.5		4.6	4.2	5.3	5.3	5.1
EU	3.9	3.4	5.5	6.0	5.6	7.5	5.5	5.3	6.3	5.0		5.1	4.6	5.7	5.8	5.4

In the third quarter of 2023 the hourly labour costs rose by 5.3% in the euro area and by 5.7% in the EU, compared with the same quarter of the previous year.

• In the euro area, wages & salaries per hour worked increased by 5.3%, while the non-wage component rose by 5.1% in the third quarter of 2023, compared with the same quarter of the previous year. In the EU, hourly wages & salaries increased by 5.8% and the non-wage component by 5.4% in the third quarter of 2023.

Q1 2023

In the first quarter of 2023 the hourly labour costs rose by 5.0% in the euro area and by 5.3 % in the EU, compared with the same quarter of the previous year.

• In the euro area, wages & salaries per hour worked increased by 4.6%, while the non-wage component rose by 6.2%.
• In the euro area rose by 4.4% in the (mainly) non-business economy and by 5.2% in the business economy: +4.9% in industry, +4.1% in construction and +5.5% in services.