Euro Area: Unemployment rate drops to record low in March

Euro Area Unemployment March 2022

Euro Area: Unemployment rate drops to record low in March

Labor market conditions in the common currency block improved in March. The number of unemployed people decreased by 76,000 month on month, with the unemployment rate falling to a record low of 6.8% in March from 6.9% in February.

Looking at countries, 11 economies saw their unemployment rates decrease in March, including Germany, Italy and the Netherlands. On the other hand, four economies saw their unemployment rates increasing, including Spain, while four economies saw their unemployment rates stable, including France.

Disparities in the labor market among core and periphery countries persist. Spain (13.5%) and Greece (12.9%) are the economies with the highest unemployment rates. At the other end of the spectrum, Germany (2.9%) and Malta (3.0%) have the lowest unemployment rates.

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