Eurozone: Unemployment rate steady in March
May 2, 2017
Conditions in the labor market of the common currency bloc were broadly steady in March, according to data by Eurostat. The number of unemployed fell by 5,000, which was a smaller drop than February’s 123,000. However, the unemployment rate was unchanged at February’s 9.5% in March, the lowest rate since May 2009.
Looking at the countries in the region with available data, ten economies saw lower unemployment rates in March, including Belgium, the Netherlands and Portugal. In contrast, unemployment rose in Austria and Finland 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 (23.5%, data refer to January), followed by Spain (18.2%) and Cyprus (12.5%).
At the other end of the spectrum, Germany (3.9%), Malta (4.1%) and the Netherlands (5.1%) registered the lowest unemployment rates in the Eurozone in March. Among the remaining major economies, Italy had the highest unemployment rate with 11.7%, followed by France with 10.1%.