The number of people unemployment has continued to jump with millions of people out of work despite most member states easing their coronavirus lockdown measures. Eurostat, the EU’s statistics office, has claimed more than 15 million men and women were out of work in June, a 0.1 percent jump from the previous month. The official unemployment rate across the bloc was 7.1 percent, but in its 19-member single currency area the rate was 7.8 percent.
A total of 12.7 million people were unemployed in the eurozone last month, an increase of 203,000 from May.
The unemployment rate for women in the EU for the month of June was 7.5 percent, with men slighlty lower on 6.7 percent.
And youth unemployment continues to blight the EU with more than 2.9 million under 25s out of work, 2.4 million of whom were in the euro area.
In June 2020, the youth unemployment rate was 16.8 percent in the EU and 17 percent in the Eurozone.
The month-on-month increase is much higher, with a jump of 0.6 percent in the EU and 0.5 percent in the eurozone.
Europe is facing its deepest recession since the end of World War 2.
According to the latest figures released by the Office for National Statistics, UK unemployment is currently at 3.9 percent.
But a think-tank has warned that number could increase to 10 percent when the Government ends its furlough scheme
The National Institute for Economic and Social Research has warned unemployment would rise above three million, its highest rate since the early 1990s.
Garry Young, the think-tank’s deputy director, said: “The planned closure of the furlough seems to be a mistake, motivated by an understandable desire to limit spending.
“The scheme was intended by the chancellor to be a bridge through the crisis and there is a risk that it is coming to an end prematurely.
“The scheme has been an undeniable success in terms of keeping furloughed employees attached to their jobs.”
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Meanwhile, the European Commission’s ESI consumer confidence estimate has continued to improve after hitting a historic low in April.
The so-called Economic Sentiment Indicator fell to 54.8 points in April and has now recovered to 82.3 percent in the Eurozone.
Before the pandemic exploded across the Continent, the figure usually sits stable at around 100.