Unemployment stable at 6.6%

The seasonally-adjusted unemployment rate in Cyprus stayed at 6.6% in August compared to July, and slightly lower than a year ago when it was 6.8%, according to Eurostat.

In the eurozone, the unemployment rate was 6.4%, down from 6.5% in July and 6.7% in August 2022.

The EU unemployment rate was 5.9% in August, down from 6.0% in July and 6.1% in August 2022.

Eurostat estimates that 12.837 million persons in the EU, of whom 10.856 million in the euro area, were unemployed in August.

Compared with July, unemployment decreased by 112,000 in the EU and  107,000 in the euro area.

Compared with August 2022, unemployment decreased by 335,000 in the EU and 407,000 in the euro area.

In August, the number of unemployed in Cyprus stood at about 33,000, unchanged from July and last year.

Unemployment by sex

In August 2023, the unemployment rate for women was 6.2% in the EU, stable compared with July 2023.

The unemployment rate for men was 5.7% in August 2023, also stable compared with the previous month.

In the eurozone, the unemployment rate for women was 6.7%, down from 6.8% in July 2023, and the unemployment rate for men was 6.1%, also down from 6.2% in the previous month.

In Cyprus, the unemployment rate for women was 7.2%, down from 7.0%, while for men, the rate was lower at 6.1%, having increased compared to 6.2% in the previous month.

Youth unemployment

In August, 2.687 million young people (under 25) were unemployed in the EU, of whom 2.194 million were in the eurozone.

The youth unemployment rate was 14.0% in the EU, stable compared with July and 13.8% in the euro area, down from 13.9% in the previous month.

Compared with July, youth unemployment decreased by 10,000 in the EU and 24,000 in the eurozone.

Compared with August 2022, youth unemployment decreased by 141,000 in the EU and 145,000 in the eurozone.

There are no updated data on youth unemployment in Cyprus due to the country publishing them quarterly.