Eurozone: Eurozone unemployment rate unchanged in July
August 29, 2016
Conditions in the labor market in the common-currency bloc remained broadly unchanged in July, according to recently released data by Eurostat. The number of unemployed persons fell by 43,000, which contrasted June’s increase of 24,000 job seekers. The unemployment rate in July was steady at June’s 10.1%, which represented the lowest rate since July 2011.
Looking at the countries in the region, the unemployment rate fell in 13 of the countries observed, falling to multi-year lows in Cyprus, Slovakia, Slovenia and Spain. However, France and Lithuania saw a rise in unemployment, while dynamics in the labor market were stable in the remaining economies. 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 (23.4%, data refer to June), followed by Spain (19.6%) and Cyprus (11.6%).
At the other end of the spectrum, Malta (3.9%), Germany (4.2%) and Austria (6.0%) registered the lowest unemployment rates in the Eurozone in July. Among the remaining major economies, Italy had the highest unemployment rate with 11.4%, followed by France with 10.3%.