Eurozone Unemployment April 2017

Eurozone

Eurozone: Unemployment rate eases in April

May 31, 2017

Conditions in the labor market of the common currency bloc improved in April, according to data by Eurostat. The number of unemployed fell by 233,000, which was a larger drop than March’s 58,000. The unemployment rate fell from March’s 9.4% to 9.3% in April, the lowest rate since May 2009.

Looking at the countries in the region with available data, the majority of the economies saw improvements in the labor market, with only three countries experiencing higher unemployment rates in April. The unemployment rate fell in major-players Italy (11.1%) and Spain (17.8%), but was stable in France (9.5%) and Germany.

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 (23.2%, data refer to February), followed by Spain and Cyprus. At the other end of the spectrum, Germany has the lowest unemployment rate, followed by Malta and the Netherlands.

In 2016 as a whole, unemployment in the Eurozone averaged 10.0%, which was the lowest average rate since 2009. FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 9.4% in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects the unemployment rate to average 9.0%.


Author: Angela Bouzanis, Senior Economist

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Euro Unemployment April 2017

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


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