Eurozone Unemployment Rate
Euro Area Unemployment Rate — Historical Chart
6.7%
▼ 2.90% YoYJan 2023
All-Time High
12.2%
All-Time Low
6.6%
Data Since
1990
Source: FRED / EurostatShaded = NBER recessions
Eurozone unemployment rate as a percent of the labor force. The rate peaked at 12.1% during the 2013 debt crisis — nearly 20 million people — with youth unemployment exceeding 50% in Spain and Greece. The subsequent decline to 6.0% by 2023 represented the longest eurozone jobs expansion in its history. Unlike the US, European labor markets are slower to fire and slower to hire, making this a lagging cyclical indicator.