The unemployment rate remained stable at May’s record-low of 6.6% in June.
Looking at countries, six economies saw their unemployment rates stable in June, including France and Spain. Meanwhile, four economies saw their unemployment rates increase, including the Netherlands, while four economies saw their unemployment rates decrease, including Germany.
Disparities in the labor market among core and periphery countries persist. Spain (12.6%) and Greece (12.3%) are the economies with the highest unemployment rates. At the other end of the spectrum, Germany (2.8%) and Malta (3.0%) have the lowest unemployment rates.
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 7.0% in 2022, which is unchanged from last month’s forecast. For 2023, the panel expects the unemployment rate to average 7.1%.