Eurozone: Eurozone unemployment rate inches down in June
August 3, 2017
Conditions in the labor market of the common currency bloc improved in June, according to data by Eurostat. The number of unemployed fell by 148,000, which was a larger drop than the previous month’s 58,000. As a result, the unemployment rate inched down from May’s 9.2% to 9.1% in June.
Looking at the countries in the region with available data, the majority of the economies saw improvements in their labor markets. Latvia (8.3%) was the only country to see a higher unemployment rate in June, while Austria (5.2%), France (9.6%), Luxembourg (6.0%), Malta (4.1%) and Slovenia (7.1%) all saw unchanged rates. The unemployment rate fell to 3.8% in Germany, 11.1% in Italy and 17.1% in Spain.
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 (21.7%, data refer to April), followed by Spain and Cyprus. At the other end of the spectrum, Germany has the lowest unemployment rate, followed by Malta and the Netherlands.