Eurozone Jobless Rate Drops to Over 10-Year Low

The Euro Area seasonally-adjusted unemployment rate fell to 7.9 percent in November 2018 from a downwardly revised 8 percent in the previous month and below market expectations of 8 percent. It was the lowest jobless rate since October 2008 as the number of unemployed continued to decline.

Compared with October, the number of unemployed in the Euro Area decreased by 90,000 to 13.040 million. Compared with the previous year, it fell by 1.135 million.

Considering the European Union as a whole, the unemployment rate stood at 6.7 percent in November, unchanged from previous month and down from 7.3 percent a year ago. This remained the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000. There were 16.491 million people unemployed, a decrease of 107,000 from the previous month and of 1.489 million from November 2017.

Among EU Member States, the lowest unemployment rates in November were recorded in Czechia (1.9 percent), Germany (3.3 percent) and the Netherlands (3.5 percent). The highest unemployment rates were observed in Greece (18.6 percent in September 2018) and Spain (14.7 percent). Compared with a year ago, the largest decreases were registered in Croatia (7.8 percent from 10 percent), Greece (18.6 percent from 20.8 percent between November 2018 and November 2017) and Spain (14.7 percent from 16.5 percent).

The youth unemployment rate was 15.2 percent in the EU28 and 16.9 percent in the Euro Area, compared with 16.1 percent and 17.8 percent respectively in November 2017. The lowest rates were observed in Czechia (4.9 percent), Germany (6.1 percent) and the Netherlands (6.9 percent), while the highest were recorded in Greece (36.6 percent in September 2018), Spain (34.1 percent) and Italy (31.6 percent).

Eurozone Jobless Rate Drops to Over 10-Year Low

Eurostat | Joana Ferreira |
1/9/2019 10:17:24 AM