Eurozone: Unemployment rate unchanged in September
November 3, 2016
Conditions in the labor market in the common-currency bloc remained broadly unchanged in September, according to recently released data by Eurostat. The number of unemployed persons fell by 101,000, which followed August’s fall of 7,000. Nevertheless, the unemployment rate in September was steady at 10.0%, which represents the lowest rate since June 2011. August’s unemployment rate had been revised down from a previously reported 10.1%.
Looking at the countries in the region, the unemployment rate fell in 13 of the countries observed, reaching multi-year lows in Ireland, Latvia, Portugal and Spain. However, Austria, Estonia (data refer to August), Italy and Luxembourg saw rises in the unemployment rate, 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 (23.2%, data refer to July), followed by Spain (19.3%) and Cyprus (12.0%).
At the other end of the spectrum, Germany (4.1%), Malta (4.7%) and the Netherlands (5.7%) registered the lowest unemployment rates in the Eurozone in September. Among the remaining major economies, Italy had the highest unemployment rate with 11.7%, followed by France with 10.2%.