Eurozone: Unemployment rate stable in November
January 8, 2014
According to data released by Eurostat on 8 January, the number of unemployed rose by 4,000 people in November 2013. The figure contrasted October's 64,000 drop (previously reported: minus 61,000). The unemployment rate was stable at the 12.1% recorded in October - a record-high for the region - and was in line with market expectations.
A country-based analysis confirms the persisting divergence in labor market developments between the core European nations and the peripheral economies. Greece (27.7%, September data), Spain (26.7%) and Cyprus (17.3%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Luxembourg (6.1%), Germany (5.2%) and Austria (4.%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with a record-high of 12.7%, followed by France (10.8%).
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 12.1% in 2014, which is unchanged from last month's forecast. For 2015, the panel expects the unemployment rate to drop to an average 11.7%.
Author: Armando Ciccarelli, Head of Data Solutions