Local unemployment slightly down in May as number of EU unemployed remains over 15 million

The number of unemployed persons in May decreased slightly in both Malta and the EU over that recorded the preceding month, as the post-pandemic economic recovery continues.

In figures released by the National Statistics Office and collected through the harmonised Labour Force Survey, which is designed to satisfy the concepts and definitions as outlined by Eurostat, it was revealed the number of unemployed in Malta decreased by 121 between April and May 2021.

This left the seasonally adjusted monthly unemployment rate for May 2021 at 3.7 per cent, at par with the previous month and 0.8 per cent down from May 2020.

Unemployment has been on a downward trend after a large spike at the beginning of the pandemic, going down consistently ever since.

The unemployment rate for males was 3.7 per cent while the rate for females stood at 3.6 per cent, both dropping 0.1 percentage points from April’s estimates.

The unemployment rate during May 2021 for persons aged 15 to 24 years (youth unemployment rate) was 7.4 per cent while the rate for those between 25 and 74 years stood at 3.3 per cent.

During May 2021, the number of unemployed persons was 10,105, with the unemployed males and the 25 to 74 age group being the major contributors to the overall level of unemployment.

The seasonally adjusted number of unemployed youths amounted to 1,944, or 7.4 per cent, whereas those aged between 25 and 74 years stood at 8,162, or 3.3 per cent.

In the EU, the unemployment rate was 7.3 per cent in May 2021, down from 7.4 per cent in April 2021 and up from 6.9 per cent in May 2020.

Meanwhile, the euro area seasonally-adjusted unemployment rate was 7.9 per cent, down from 8.1 per cent in April 2021 and up from 7.5 per cent in May 2020.

Eurostat estimates that over 15 million men and women in the EU were unemployed in May 2021.

Compared with April 2021, the number of persons unemployed decreased by 382,000 in the EU and by 306,000 in the euro area. Compared with May 2020, unemployment rose by 949,000 in the EU and by 803,000 in the euro area.

Only Czechia and the Netherlands have lower unemployment rates than Malta, both at 3.3 per cent, while Germany’s is at par at 3.7 per cent.

On the other hand, three countries have unemployment rates topping 10 per cent: Greece (15.4 per cent), Spain (15.3 per cent), and Italy (10.5 per cent).

Youth unemployment remains relatively high, with almost three million young persons being unemployed in the EU in May. Of these, 2.4 million were in the euro area.

The youth unemployment rate was therefore 17.3 per cent in the EU in May and 17.5 per cent in the euro area, down from 18.2 per cent and 18.4 per cent respectively in the previous month.

Compared with April 2021, youth unemployment decreased by 174,000 in the EU and by 138,000 in the euro area. Compared with May 2020, youth unemployment increased by 119,000 in the EU and by 70,000 in the euro area.