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Unemployment in the European Union rises on an annual basis

Unemployment in the European Union

Unemployment in the European Union rose to 7.3% in January, up from 6.6% year-on-year, the European Union statistics office (Eurostat) said.

Eurostat said in a press release that the unemployment in the European Union also rose from 7.4% to 8.1% in the first month of 2021, year on year.

The Eurozone/the euro area or EA19 represents the member states that use the single currency – the euro.

While the 27 European Union countries include all the member states of the bloc.

Eurostat said there are nearly 15.7 million men and women in the European Union’s 27 countries, including 13.28 million in the euro area, who were unemployed until January.

The number of unemployed increased by 29,000 month-on-month. It rose 1.46 million year-on-year in January across the block.

Unemployment in the European Union

Eurostat said the outbreak of COVID-19 and the measures in place to combat it have led to a sharp increase in the number of claims for unemployment benefits throughout the European Union.

Meanwhile, there were about 2.93 million unemployed people under the age of 25 in the European Union in January. This brings the youth unemployment rate to 16.9%.

The unemployment rate in the member states of the Organization for Economic Cooperation and Development (OECD) stabilized at 6.9% in December, according to the organization.

The organization indicated that the number is still 1.7 percentage points higher than it was in February 2020.

In December, the unemployment rate remained stable at 8.3% in the Eurozone.

The unemployment rate in the OECD region among young people – people between the ages of 15 and 24 – rose to 14.4% from 14.2% in November.

In the euro area, the youth unemployment rate rose to 18.5% in December from 18.1% in November.

In the United States, the unemployment rate also stabilized at 6.7% in December, up 3.2 percentage points from February 2020.

The unemployment rate in Canada rose in November by 0.2 percentage point to 8.8%.

In Japan, the unemployment rate is at 2.9%, 0.7 percentage point higher than the pre-epidemic level

Last November, US jobless claims rose for the first consecutive increase since July.

Read more: EU to help Iraq strengthen public financial management oversight

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