In the European Union and euro area has been on the rise for the past ten years, ever since the economic crisis of 2018. The crisis caused bankruptcy and financial difficulties for many businesses and, as a result, it led to substantial job loss, significantly less job offerings.
Another reason for the rise of unemployment rates is industrial automation of processes. Processes performed by humans have been transferred to machines.
Older workers are struggling to find new jobs despite their experience, and young graduates are struggling to find new jobs, because they have none.
Young unemployment rates tend to be higher than general unemployment due to the fact that the people aged between 15 and 24 who are fresh out of education do not find jobs right away, especially if the country’s economy is experiencing difficulties.