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%.
Author: Armando Ciccarelli, Head of Data Solutions