The unemployment rate in the Euro Area stood at 7.5 percent in November 2019, its lowest level since July 2008 and in line with market expectations, as the number of unemployed decreased by 10,000 from the previous month to 12.315 million. Among the bloc's largest economies, the lowest unemployment rate was recorded in Germany (3.1 percent), while higher rates were observed in France (8.4 percent), Italy (9.7 percent) and Spain (14.1 percent). The youth unemployment rate, which measures job seekers aged 15 to 24, dropped to 15.6 percent from 16.3 percent in the same period a year earlier. Considering the European Union as a whole, the jobless rate was unchanged at 6.3 percent, the lowest since comparable series began in January 2000. Unemployment Rate in the Euro Area averaged 9.62 percent from 1995 until 2019, reaching an all time high of 12.10 percent in February of 2013 and a record low of 7.30 percent in October of 2007. source: Eurostat
Unemployment Rate in Euro Area is expected to be 7.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Unemployment Rate in Euro Area to stand at 7.30 in 12 months time. In the long-term, the Euro Area Unemployment Rate is projected to trend around 7.20 percent in 2020, according to our econometric models.