Eurostat published at the beginning of November, data about the general and youth unemployment for September 2021 in both the Eurozone and the European Union.
Eurostat, based on ILO (International Labour Organisation) definitions, specify unemployed persons all those people aged between 15 and 74 who:
– are without work;
– are available to start work within the next two weeks;
– and have actively sought employment during the previous four weeks;
The unemployment rate is an indicator that measures the numbers of unemployed people as a percentage of the labor force. The labor force is defined as the total number of unemployed people plus those in employment.
The youth unemployment rate is defined as the number of people aged between 15 and 24 as a percentage of the labor force of the same age.
In September 2021, the euro area recorded an unemployment rate of 7.4%, down from 7.5% in August 2021 and 8.6% in September 2020. On the other hand, the European Union recorded an unemployment rate of 6.7% in September 2021, down from 6.9% in August 2021 and 7.7% in September 2020.
Regarding youth unemployment, in September 2021, 2.815 million under-25s were unemployed in the EU and 2.307 million in the euro area. Compared to August 2021, these numbers decreased by 45,000 for the EU and 38,000 for the euro area.
In percentage terms, the youth unemployment rate in September 2021 fell to 15.9% in the EU and 16.0% in the euro area, down from 16.1% and 16.3% respectively in the previous month.
The Czech Republic ranks first both in terms of general and specific youth unemployment. This is important for the country, which recorded an unemployment rate of 2.6% in September 2021, down from August 2021. The Netherlands and Malta complete the podium with 3.1% and 3.2%.
Italy is at the bottom of the table, with an overall unemployment rate of 9.2%, worse only than Greece and Spain.
The Czech Republic also has the lowest youth unemployment rate in the European Union. In September 2021, the country reached 6.3%, down from 8.2% in August 2021. The country is followed by Germany and Cyprus with 6.6% and 6.8%. The bottom of the list is occupied by Spain, Italy, and Sweden, with 30.6%, 29.8%, and 25.1% respectively.
What makes the Czech Republic the European country with the lowest youth unemployment rate? The university system in the Czech Republic is aimed at reducing the distance between the educational system and the world of work.
Young people from all over the world are encouraged to study in the Czech Republic, considering the high educational offer of public universities and the competitive costs of private institutions. Even if a student finishes university in English without a good knowledge of the Czech language, there are plenty of opportunities to find employment in an international company.
Usually, such companies offer great growth prospects combined with competitive job welfare and high salaries.
The cohesion between the educational system and the world of work allows university students to take part in project works in collaboration with local and foreign companies, developing above all transversal competencies, the so-called soft skills, such as teamwork, communication, problem-solving, and creativity, thus allowing an easy entry into the professional world.
Youth unemployment in the Czech Republic is very low compared to other European countries, also thanks to the high effectiveness of public employment services, the contractual flexibility offered in the labor market, the lower taxation that employers can enjoy compared to other EU countries, and, last but not least, higher average salaries compared to many other countries.