Unemployment rate of the EU 2000-2023

Unemployment in the European Union has reached its low point in the twenty-first century in 2023. The share of the labour force out of work was only 6 percent in August, September, and October of that year, a marked decrease from its most recent peak of 7.8 percent in the Summer of 2020. While the jobs recovery has been strong in the wake of the Cornavirus pandemic in the EU, this number is still far above the remarkably low rate in the United States, which has reached 3.5 percent in 2023. Nevertheless, this recent decline is a positive development for the EU countries, many of which have long suffered from chronic unemployment issues. In some regional labour markets in the EU, the issue is now less of people who can't find work, but employers who cannot find employees, leading to labour shortages. 

The sick men of Europe

Several EU member states have long had high unemployment rates, with the large numbers of people in long-term unemployment being particularly concerning. Italy, France, Greece, Spain, and Portugal have all had double-digit unemployment rates for significant amounts of time during this period, with the ability of people to freely migrate to other EU countries for work only marginally decreasing this. While these countries have long dealt with these issues due to their declining legacy industries and the struggle of competing in a liberalized, globalized economy, their unemployment rates reached their highest points following the global financial crisis, great recession, and Eurozone crisis. These interconnected crises led to a period of prolonged stagnation in their economies, with unemployment reaching as high as 25 percent in Greece, the worst affected economy.