The unemployment rate increased to 7.4%

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In Cyprus the unemployment rate rose to 7.4% in August (33,000 people, 8.2% for men and 6.5% for women) from 6.9% in July (31,000 people) and 6.8% in August 2019 (30,000 people), according to data published by Eurostat.

In August 2020, the seasonally adjusted unemployment rate in the euro area continued to rise for 5 consecutive months, reaching 8.1%. The same trend applies to the EU unemployment rate, which reached 7.4% in August 2020. 

Eurostat estimates that 15.603 million men and women in the EU, of which 13.188 million in the euro area, were unemployed in August 2020. Compared to July 2020, the number of unemployed increased by 238,000 in the EU and by 251,000 in EU euro area.

In August 2020, 3.032 million young people (under 25) were unemployed in the EU, of which 2.460 million were in the euro area. In August 2020, the youth unemployment rate was 17.6% in the EU and 18.1% in the euro area, up from 17.4% and 17.8% respectively in the previous month. Compared to July 2020, youth unemployment increased by 64,000 in the EU and by 69,000 in the euro area. In Cyprus, youth unemployment was 19.8% in June 2020 (7,000 people – latest available data).

Finally, in August 2020, the unemployment rate for women was 7.6% in the EU, up from 7.5% in July 2020. The unemployment rate for men was 7.1% in August 2020, stable compared to in July 2020. In the euro area, the unemployment rate for women increased from 8.3% in July 2020 to 8.4% in August 2020 while it increased from 7.8% to 7.9% for men.