Eurozone: Unemployment rate stable in January
March 2, 2017
Conditions in the labor market of the common currency bloc remained broadly unchanged in January, according to data by Eurostat. The number of unemployed persons fell by 56,000, which was a significantly smaller decrease than December’s fall of 126,000. The unemployment rate was steady at December’s 9.6%, the lowest rate since May 2009.
Looking at the countries in the region, seven economies saw lower unemployment rates in January, including Germany and Spain. In contrast, unemployment rose in two economies and was unchanged in the remaining countries. Notable divergences 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 (23.0%, data refer to November), followed by Spain (18.2%) and Cyprus (14.1%).
At the other end of the spectrum, Germany (3.8%), Malta (4.4%) and the Netherlands (5.3%) registered the lowest unemployment rates in the Eurozone in January. Among the remaining major economies, Italy had the highest unemployment rate with 11.9%, followed by France with 10.0%.