Eurozone Unemployment February 2019

Eurozone

Eurozone: Unemployment rate stable in February

April 1, 2019

According to data released by Eurostat, labor market conditions in the common currency bloc were broadly unchanged in February. The number of unemployed people decreased by 77,000, and the unemployment rate was unchanged at 7.8% in February. The result remains the lowest unemployment rate since October 2008.

Looking at the countries with data available, five economies saw their unemployment rates rise in February, including Italy. In contrast, nine economies, including France and Germany saw their unemployment rates drop.

Despite a large overall improvement in the Eurozone over recent years, disparities in the labor market among core and periphery countries persist. Greece is the economy in the Eurozone with by far the highest unemployment rate (18.0%, data refers to December), followed by Spain (13.9%) and Italy (10.7%). At the other end of the spectrum, Germany (3.1%) and the Netherlands (3.4%) have the lowest unemployment rates.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 7.8% 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, Lead Economist

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Euro Area Unemployment February 2019

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


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