Eurozone: Unemployment stable at lowest level in nearly two years
July 1, 2014
According to data released by Eurostat on 1 July, the number of unemployed fell by 28,000 people in May, which followed the 106,000 decrease that was recorded in April. The unemployment rate held steady at the revised 11.6% recorded in April (previously reported: 11.7%), which represented the lowest level since September 2012. The figure came as a surprise to market analysts who had expected an unemployment rate of 11.7%. Although the unemployment rate has moderated in recent months, it is still very close to the region’s all-time high of 12.0%.
Divergences in labor market developments between the core European nations and the peripheral economies persist. Greece (26.8%, March data), Spain (25.1%) and Cyprus (15.3%) were the Euro area members with the highest unemployment rates. At the other end of the spectrum, Austria (4.7%), Germany (5.1%) and Malta (5.7%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate at 12.6%, followed by France at 10.1%.
Author: Armando Ciccarelli, Head of Data Solutions