Eurozone: Unemployment rate falls in October
November 30, 2017
Conditions in the labor market of the common currency bloc improved in October, according to data by Eurostat. The number of unemployed fell by 111,000 and the unemployment rate inched down from September’s 8.9% to 8.8% in October—the lowest rate since January 2009.
Looking at the countries in the region with available data, several of the economies saw improvements in their labor markets. France’s unemployment rate inched down to 9.4%, Ireland’s unemployment rate to 6.1% and the Netherlands’ unemployment rate to 4.5%. However, major-players Germany, Italy and Spain all saw no changes to their figures.
Despite gains over the past years, notable divergences continue to 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 (20.6%, data refer to August), followed by Spain. At the other end of the spectrum, Malta has the lowest unemployment rate (3.5%), followed by Germany (3.6%).
Eurozone Unemployment Forecast
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 8.6% in 2018, which is unchanged from last month’s forecast. For 2019, the panel expects the unemployment rate to average 8.3%.