Eurozone: Unemployment rate in August sits at lowest level in almost two years
September 30, 2014
According to data released by Eurostat on 30 September, the number of unemployed decreased by 137,000 people in August. The drop contrasts the 39,000 increase that was recorded in July. The unemployment rate was stable at the 11.5% recorded in July, which represented the lowest level since September 2012. The figure was in line with market expectations. Despite the fact that the unemployment rate has been moderating in recent months, it is still not too far from the region’s all-time record high of 12.0%.
Divergences in labor market developments persist among the core European nations and the peripheral economies. Greece (27.0%, June data), Spain (24.4%) and Cyprus (15.4%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.7%), Germany (4.9%) and Malta (5.9%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.3%, followed by France at 10.5%.
Author: Armando Ciccarelli, Head of Data Solutions