Eurozone: Unemployment drops to lowest level in nearly four years
September 30, 2015
The Eurozone labor market continues to improve. The number of unemployed fell by 13,000 persons in October. The print followed a revised decrease of 105,000 jobseekers (previously reported: 131,000) and continues to signal a gradual recovery in the labor market. According to Eurostat, the unemployment rate in October was 10.7%, which came in slightly below the 10.8% rate in September and represented the lowest reading since January 2012.
Almost all Eurozone economies saw an improvement this month. That said, wide divergences persist in the labor market between core European economies and the peripheral ones. Crisis-stricken Greece is by far the economy in the Eurozone with the highest unemployment rate (24.6) Although the economies of Spain and Cyprus are experiencing gradual improvements, they are following on the heels of Greece with the highest unemployment rates in the region, at 21.6% and 15.1%, respectively.
On the other end of the range, Germany (4.5%), Malta (5.1%) and Austria (5.6%) have the lowest unemployment rates in the common-currency region. Among the remaining major economies, Italy had the highest unemployment rate with 11.5%, followed by France with 10.8%.
Author: Ricardo Aceves, Senior Economist