Eurozone Unemployment August 2016


Eurozone unemployment rate unchanged in August

Conditions in the labor market in the common-currency bloc remained broadly unchanged in August, according to recently released data by Eurostat. The number of unemployed persons rose by 8,000, which contrasted July’s fall of 31,000 job seekers. Nevertheless, the unemployment rate in August was steady at July’s 10.1%, which represents the lowest rate since July 2011.

Looking at the countries in the region, the unemployment rate fell in 10 of the countries observed, reaching multi-year lows in Latvia, the Netherlands and Spain. However, Austria, France and Portugal saw a rise in unemployment, while dynamics in the labor market were stable in the remaining economies. Notable divergences persist in the labor market among core Eurozone countries and those on the periphery. Greece is the economy in the Eurozone with by far the highest unemployment rate (23.4%, data refer to June), followed by Spain (19.5%) and Cyprus (12.1%).

At the other end of the spectrum, Germany (4.2%), Malta (4.8%) and the Netherlands (5.8%) registered the lowest unemployment rates in the Eurozone in August. Among the remaining major economies, Italy had the highest unemployment rate with 11.4%, followed by France with 10.5%.

In 2015 as a whole, unemployment in the Eurozone averaged 10.9%, which is the lowest average rate since 2012. FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 10.1% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects the unemployment rate to average 9.7%.

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Eurozone Unemployment Chart

Euro Unemployment August 2016

Note: Unemployment, % of active population. Data for Estonia refer to July and data for Greece refer to June.
Source: Eurostat.

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