EU unemployment reaches historic low in 2024

The unemployment rate in the European Union reached a record low in 2024, with just 5.9% of people aged 15 to 74 out of work. This marks the lowest annual unemployment rate recorded since the data series began in 2009, according to the latest figures from Eurostat.

Long-term unemployment also dropped to its lowest level in the available time series, falling to 1.9% of the labour force. This measure reflects individuals who have been unemployed for 12 months or more.

Despite this overall improvement, long-term unemployment remained relatively high in certain countries. Greece reported the highest rate at 5.4%, followed by Spain (3.8%) and Slovakia (3.5%). In contrast, the lowest long-term unemployment rates were seen in the Netherlands (0.5%), Malta (0.7%), and Czechia, Denmark, and Poland (each at 0.8%).

Youth unemployment, however, continued to pose challenges. Among individuals aged 15 to 24, the unemployment rate rose slightly to 14.9% in 2024, an increase of 0.4 percentage points from the previous year.

Unemployment rates for older age groups showed modest declines. For those aged 25 to 54, the rate dropped to 5.4% (down 0.1 percentage points), while the rate for those aged 55 to 74 declined to 4.1% (down 0.2 percentage points).

Overall, the EU labour market showed signs of continued resilience in 2024, with improvements across most categories and historic lows in both general and long-term unemployment.

Source: Eurostat