Eurozone Unemployment June 2017

Eurozone

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.

In 2016 as a whole, unemployment in the Eurozone averaged 10.0%, which was the lowest average rate since 2009. FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 9.3% in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects the unemployment rate to average 8.9%.


Author: Angela Bouzanis, Senior Economist

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Euro Unemployment July 2017

Note: Unemployment, % of active population. Data for Estonia refer to May, data for Greece refer to April and data for Belgium refers to Q1.
Source: Eurostat.


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