Euro Area: Unemployment rate falls to all-time low in October

Euro Area Unemployment October 2022

Euro Area: Unemployment rate falls to all-time low in October

The seasonally adjusted unemployment rate fell to 6.5% in October from Septembers 6.6%, marking the lowest reading on record.

Seven economies saw their unemployment rates decrease in October, including Italy, the Netherlands and Spain. Seven economies had stable unemployment rates, including Germany and France, while four economies saw their unemployment rates increase.

Significant disparities in labor market conditions between core and periphery countries persist. Spain (12.5%) and Greece (11.6%) are the economies with the highest unemployment rates. At the other end of the spectrum, Germany (3.0%) and Malta (3.1%) have the lowest unemployment rates.

Commenting on the reading, Bert Colijn, senior economist at ING, stated:

“From here on, the labour market is set for a slowdown given our expectations of a winter recession. Surveys indeed suggest that the pace of hiring is slowing at the moment, which is set to come with a modest runup in unemployment. Given labour shortages, however, we dont expect unemployment to increase much.”

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