Eurozone: Eurozone unemployment falls in January to lowest level in nearly three years
March 2, 2015
In the Eurozone, the number of unemployed fell by 140,000 people in January. The figure followed the 209,000 fall that was recorded in December. As a result, the unemployment rate fell to 11.2% in January. The reading, which marked the third consecutive drop, was a notch down from the 11.3% recorded in December, marking the lowest rate since April 2012.
Divergences in labor market developments persist among the core European nations and the peripheral economies. Greece (25.8%, November data), Spain (23.4%) and Cyprus (16.1%) were the Euro-area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.8%), Germany (4.7%) and Luxembourg (5.9%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.6%, followed by France at 10.2%.
Author: Ricardo Aceves, Senior Economist