Euro area sees stable results for November jobless figures

The unemployment rate in the euro area during November 2024 was 6.3%, the same figure as October, according to Eurostat. That was in line with analyst forecasts, as well as being a record low. 

The number of people without jobs in November fell to 10.819 million, a drop of 39,000 from the previous month. The percentage of people under 25 years looking for jobs in November, also known as the youth unemployment rate, stayed at 15%. Although this was the same as the previous month, it was also the highest figure since October 2023. 

The number of unemployed people in the Euro area dropped by 333,000 in November 2024, compared with the same month in 2023. 

In November, the EU unemployment rate touched 5.9%. While it, too, was the same as October 2023, it was, however, a fall on the 6.1% recorded in November 2023. 

The number of people without jobs in the EU also fell by 16,000 to 12.968 million in November 2024, compared with October. The number of unemployed people in the EU was down by 295,000 in the EU in November 2024, compared with November 2023. 

Coming to the major European economies, Spain still had one of the highest unemployment rates in November, at 11.2%, followed by France at 7.7%. Italy also had a relatively high unemployment rate at 5.7%. 

On the other hand, Germany recorded the lowest unemployment rate in the euro area, at 3.4% in November. 

Italian unemployment rate misses market expectations

The Italian unemployment rate figure for November 2024 was also revealed on Tuesday, coming in at a record low of 5.7%, according to the National Institute of Statistics (ISTAT). This was below October’s 5.8%, while also being under analyst estimates of 6%. 

The number of people without jobs dropped to 1,457,000 in November, which was a fall of 24,000 from October 2024, while also being the lowest figure in more than 17 years. The labour force participation rate, which measures the number of working-age people who are either actively looking for jobs or already have one, also stayed stable at a 21-month low of 66.3%. 

Italy’s low unemployment rate reflected the continuing resilience of the country’s labour market, despite weakening economic growth following the pandemic. 

Plans such as the National Recovery and Resilience Plan (NRRP) as well as other government support and stimulus measures have gone some way towards helping boost jobs in sectors such as telecommunications, as well as helping some vulnerable job seekers find suitable employment.