Eurozone: Unemployment rate steady in July
August 29, 2014
According to data released by Eurostat on 29 August, the number of unemployed increased by 4,000 people in July. The increase followed the 167,000 decrease that was recorded in June. The unemployment rate was stable at the revised 11.5% recorded in June (previously reported: 11.6%), which represented the lowest level since September 2012. The figure was in line with market expectations. Despite the fact that the unemployment rate has been moderating in recent months, it is still not too far from the region’s all-time record high of 12.0%.
Divergences in labor market developments persist between the core European nations and the peripheral economies. Greece (27.2%, May data), Spain (24.5%) and Cyprus (14.9%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.9%), Germany (4.9%) and Malta (5.7%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.6%, followed by France at 10.3%.
Author: Armando Ciccarelli, Head of Data Solutions