Eurozone: Gradual improvement in Eurozone labor market prompts unemployment rate to fall
June 3, 2015
The number of unemployed in the Eurozone fell by 130,000 jobseekers in April. The reading was higher than the revised 35,000 drop that was registered in March (previously reported: 36,000). As a result of the improvement in the labor market, the unemployment rate in the Eurozone fell from 11.2% in March to 11.1% in April, which is the lowest rate in three years.
Divergences in labor market developments prevail among the core European nations and the peripheral economies. Greece (25.4%, February data), Spain (22.7%) and Cyprus (15.6%) are still the Eurozone members with the highest unemployment rates. At the other end of the spectrum, Austria (5.7%), Germany (4.7%) and Luxembourg (5.7%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.4%, followed by France at 10.5%.
Author: Ricardo Aceves, Senior Economist