EU unemployment hits record low — except for young workers

(CN) — The European Union’s labor market reached a significant milestone in 2024, with the unemployment rate for people aged 15-74 dropping to 5.9% — the lowest figure recorded since Eurostat began tracking such data in 2009. Long-term unemployment also fell to an all-time low of 1.9%, signaling a strengthening job market across the bloc.

However, the positive trend did not extend to younger workers. Unemployment among those aged 15–24 rose to 14.9%, up 0.4% from the previous year. In contrast, older age groups saw continued improvements, with rates declining to 5.4% (25–54 years) and 4.1% (55–74 years).

The data revealed stark differences between EU member states. Greece had the highest long-term unemployment rate (5.4%), followed by Spain (3.8%) and Slovakia (3.5%). On the other end of the spectrum, the Netherlands (0.5%) and Malta (0.7%) joined Czechia, Denmark and Poland (all at 0.8%) with the lowest long-term joblessness. The data was generated as part of the EU labor force survey.

In comments about employment at the most recent meeting of the Governing Council of the European Central Bank in Frankfurt in April, executive board member Isabel Schnabel described the labor market as “resilient” but noted labor demand was cooling.

Total job postings and new job postings in February 2025 were down 16% and 26%, respectively, compared to a year ago. At the same time, fewer firms reported that labor was a limiting factor for production. While the overall labor market is recovering, the rise in youth unemployment may suggest ongoing challenges in integrating younger workers into the economy.

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