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The Unemployment Rate shows the number of unemployed persons in percentage of the working-age population in the eurozone. The calculation is performed on a monthly basis. The general unemployment rate of the eurozone is a harmonized value, calculated based on data of separate Member States.
Labour force includes the total number of employed and unemployed people. The unemployed are defined as persons from 15 to 74 years of age:
- not currently employed;
- currently available for work and are ready to start no later than in two weeks;
- actively looking for work.
The unemployment rate is important both from the social and economic point of view. The growth of unemployment leads to a decrease in the incomes of individuals and therefore to a decrease in consumer activity. In addition, this increases the pressure on the state budget and reduces tax revenues.
Therefore, the unemployment rate is a popular indicator of the consumer market and a leading indicator of the currency state. The time series on unemployment are used by the European Commission when determining the economic policy. Commercial banks may use the data for business cycle analysis and for further preparation of consumer offers. The ECB always takes unemployment into account when determining the monetary policy of the eurozone and making decisions on near-term interest rates. The growth in the unemployment rate is usually seen as negative on euro quotes.
Last values:
actual data
forecast
The chart of the entire available history of the "European Union Unemployment Rate" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
