Eurozone: Labor market in the Eurozone continues to improve in May
June 30, 2015
The number of unemployed in the Eurozone fell by 35,000 persons in May. The reading followed the massive 141,000 job-seekers’ drop that was registered in April (previously reported: 130,000). The labor market continues showing strong signs of improvement, with the unemployment rate in the Eurozone remaining stable at April’s 11.1% in May, which is the lowest rate in three years.
Divergences in labor market developments persist between core European economies and the peripheral countries. Greece (25.6%, March data), Spain (22.5%) and Cyprus (16.0%) are still the Eurozone members with the highest unemployment rates. At the other end of the spectrum, Germany (4.7%), Malta (5.6%) 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 10.3%.
Author: Ricardo Aceves, Senior Economist