The unemployment rate in the euro area remained at a historic low in May, as revealed by Eurostat data released on Tuesday.
The seasonally adjusted unemployment rate was 6.4 percent, consistent with April's figures and aligning with market expectations. This rate was marginally lower than the 6.5 percent reported in May 2023.
In May, there were 11.078 million individuals unemployed. This represents a significant increase of 38,000 compared to April, but only a modest rise of 3,000 from the previous year.
Youth unemployment, defined as those below 25 years of age, maintained a steady rate of 14.2 percent in May.
Additionally, data indicated that the overall unemployment rate for the EU27 also remained unchanged at 6.0 percent in May. The youth unemployment rate in the EU27 experienced a slight decrease, edging down to 14.4 percent from 14.5 percent.
