Euro Area Unemployment Rate

The seasonally-adjusted unemployment rate in the Euro Area edged down to 6.5% in April 2023, the lowest rate on record and coming in line with market expectations. The latest figure represented a drop from last year's rate of 6.7% and pointed to a tight labor market. The number of unemployed declined by 33 thousand from a month earlier to 11.088 million, the lowest level since comparable records began in 1995. The youth unemployment rate, measuring job-seekers under 25 years old, edged down to 13.9% in April from 14% in March. Amongst the largest Euro Area economies, the lowest jobless rate was recorded in Germany (2.9%), while the highest rates were registered in Spain (12.7%), Italy (7.8%) and France (7%).