Eurozone: Unemployment rate falls to lowest level in over three years
September 1, 2015
In July, the number of unemployed or those seeking jobs decreased by 213,000 persons, which more than compensated for the revised increase of 4,000 jobseekers registered in June (previously reported: 31,000). The jobs market continues to show signs of a gradual recovery as the unemployment rate inched down from 11.1% in June to 10.9% in July, which represented the lowest rate since February 2012.
Nonetheless, divergences in labor market developments persist between core European economies and the peripheral countries. Greece (25.0%, May data), Spain (22.2%) and Cyprus (16.3%) are still the Eurozone members with the highest unemployment rates. At the other end of the range, Germany (4.7%), Malta (5.1%) and Luxembourg (5.7%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.0%, followed by France at 10.4%.
Author: Ricardo Aceves, Senior Economist