Eurozone: Unemployment rate steady at record-high in September
October 31, 2013
According to data released by Eurostat on 31 October, the number of unemployed rose by 60,000 people in September. The figure came in below August's 73,000 increase (previously reported: minus 5,000). Meanwhile, the unemployment rate was stable at the revised 12.2% recorded in August (previously reported: 12.0%), which represents a record-high for the region. In addition, the reading was above the 12.0% that market analysts had expected.
A country-based analysis confirms that the divergence in labor market developments between the core European nations and the peripheral economies persists. Greece (27.6%, July data), Spain (26.6%) and Cyprus (17.1%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.9%), Germany (5.2%) and Luxembourg (5.9%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with a record-high of 12.5%, followed by France (11.1%).
FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 12.0% in 2013, which is down 0.2 percentage points from last month's forecast. For 2014, the panel also expects the unemployment rate to average 12.0%.
Author: Armando Ciccarelli, Head of Data Solutions