Eurozone Unemployment July 2017

Eurozone

Eurozone: Unemployment rate stable in July

August 31, 2017

Conditions in the labor market of the common currency bloc were broadly stable in July, according to data by Eurostat. The number of unemployed rose by 73,000. The unemployment rate was stable At June’s 9.1% in July—a multi-year low.

Looking at the countries in the region with available data, a number of the economies saw improvements or steady conditions in their labor markets. Germany’s unemployment rate inched down to 3.7%, while Spain’s was stable at 17.1%. However, both France (9.8%) and Italy (11.3%) saw higher unemployment rates.

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 (21.7%, data refer to May), followed by Spain and Italy. At the other end of the spectrum, Germany has the lowest unemployment rate, followed by Malta and the Netherlands.

In 2016 as a whole, unemployment in the Eurozone averaged 10.0%, which was the lowest average rate since 2009. FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 9.2% in 2017, which is unchanged from last month’s forecast. For 2018, the panel expects the unemployment rate to average 8.7%.


Author: Angela Bouzanis, Senior Economist

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Euro Unemployment July 2017 1

Note: Unemployment, % of active population. Data for Estonia refer to June, data for Greece refer to May and data for Belgium refers to Q1.
Source: Eurostat.


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