Raw unemployment numbers are pretty meaningless alone. Governmenments have ways of counting unemployment to get a desired number like for example only counting those registered as seeking work through the government agency. Like If you're doing some school or training, BAM, you're not counted as unemployed, if you've been unemployed for too long, then you're counted as "long term state welfare" and not as unemployed, if you refuse shitty hard labor jobs from the unemployment office, then you're cut off from unemployment and you're not counted as unemployed, and other such tricks.

Plus, even taking a low unemployment numbers at face value, the job quality has fallen a lot, with a lot of people still technically employed but not in great jobs, but in shitty jobs they do for survival, like fast food delivery.

The reality is that mass layoffs and SME bankruptcies are a current occurrence in many EU countries.