Eurozone Jobless Rate Drops to Near 9-Year Low

The unemployment rate in the Euro Area fell to 8.7 percent in November 2017 from 8.8 percent in the previous month, matching market expectations. It was the lowest jobless rate since January 2009.

Compared with October, the number of unemployed in the Euro Area decreased by 107,000 to 14.263 million. Compared with the previous year, it fell by 1.561 million.

Considering the European Union, the unemployment rate stood at 7.3 percent, down from 7.4 percent in the previous month and from 8.3 percent a year ago. It was the lowest rate recorded in the EU28 since October 2008. There were 18.116 million people unemployed, a decrease of 155,000 from the previous month and of 2.133 million from November 2016.

Among EU Member States, the lowest unemployment rates in November were recorded in the Czech Republic (2.5 percent), Malta and Germany (both 3.6 percent). The highest unemployment rates were observed in Greece (20.5 percent in September 2017) and Spain (16.7 percent). Compared with a year ago, the largest decreases were registered in Greece (20.5 percent from 23.2 percent), Portugal (8.2 percent from 10.5 percent), Croatia (10.4 percent from 12.5 percent) and Cyprus (11 percent from 13.1 percent).

The youth unemployment rate was 16.2 percent in the EU28 and 18.2 percent in the Euro Area, compared with 18.2 percent and 20.5 percent respectively in November 2016. The lowest rates were observed in the Czech Republic (5 percent) and Germany (6.6 percent), while the highest were recorded in Greece (39.5 percent in September 2017), Spain (37.9 percent) and Italy (32.7 percent).

Eurozone Jobless Rate Drops to Near 9-Year Low

Eurostat | Joana Ferreira |
1/9/2018 10:15:06 AM