According to current Eurostat data, the October unemployment rate in euro-paying countries reached 8.4 percent. Compared to September, it decreased by a tenth of a percentage point. Unemployment stagnated at 7.6 percent across the European Union.
The massive economic recovery of both the European Union and the euro area in the third quarter appears to have had a positive impact on labor market developments. The unemployment rate in the euro-paying countries fell slightly in October and stagnated in the EU-27 compared with September. Overall, however, the proportion of unemployed people is now lower than during the summer months. This follows from current Eurostat data.
The lowest unemployment rate was again shown in the Czech Republic, where 2.9 percent of the working population is out of work. Poland has the second lowest unemployment (3.5 percent), followed by Malta (3.9 percent). At the other end of the scale remains Spain, where the unemployment rate exceeds 16 percent. Cyprus (10.5) and Lithuania (10.4) also have double-digit unemployment.
In addition to the economic recovery, the positive results are also supported by government support programs, which seem to continue in the coming weeks and months until the coronavirus pandemic weakens significantly.
