Eurozone Unemployment August 2018

Eurozone

Eurozone: Unemployment rate inches down in August

October 1, 2018

According to data released by Eurostat, labor market conditions in the common currency bloc improved in August. The number of unemployed people decreased 102,000, and the unemployment rate inched down from 8.2% in July to 8.1% in August. The unemployment rate is resting at the lowest rate since November 2008.

Looking at the countries with data available, several countries saw their unemployment rates drop in August, with Italy and Ireland seeing the largest improvements. In contrast, Estonia, France and the Netherlands were the only countries to see the unemployment rate rise.

Despite the overall improvement in the Eurozone over recent years, disparities in the labor market among countries persist. Greece is the economy in the Eurozone with by far the highest unemployment rate (19.0%, data refers to July), followed by Spain (15.2%) and Italy (9.7%). At the other end of the spectrum, Germany (3.4%) and Malta (3.8%) have the lowest unemployment rates.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 7.9% in 2019, which is unchanged from last month’s forecast. For 2020, the panel expects the unemployment rate to average 7.6%.


Author: Angela Bouzanis, Senior Economist

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Eurozone Unemployment Chart


Euro Unemployment August 2018

Note: Unemployment, % of active population. Data for Estonia and Greece refers to July.
Source: Eurostat.


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