Eurozone Unemployment

Eurozone

Eurozone: Unemployment stable at high levels

May 2, 2014

According to data released by Eurostat on 2 May, the number of unemployed fell by 22,000 people in March. The drop followed the 35,000 decrease recorded in February. March’s unemployment rate of 11.8% was in line with the revised February print (previously reported: +11.9%). The figure barely undershot the 11.9% the market had expected and was only slightly below the all-time regional record high of 12.0%.

A country-based analysis confirms that a divergence in labor market developments between the core European nations and the peripheral economies persists. Greece (26.5%, February data), Spain (25.3%) and Cyprus (17.4%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.9%), Germany (5.1%) and Luxembourg (6.1%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate with 12.7%, followed by France at 10.4%.

FocusEconomics Consensus Forecast panelists expect the unemployment rate to average 11.8% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, the panel expects the unemployment rate to average 11.2%.


Author:, Head of Data Solutions

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Eurozone Unemployment Chart


Euro Unemployment March 2014 0

Note: Unemployment, % of active population. Data for Greece and Estonia refer to February, data for Latvia refer to December.
Source: Eurostat.


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