Euro Area Unemployment Rate Falls to 7-Year Low
The unemployment rate in the Eurozone declined to 9.8 percent in October of 2016 from a downwardly revised 9.9 percent in September. It is the lowest jobless rate since July of 2009 and below market expectations of 10 percent. Unemployment has been falling since a record high of 12.1 percent in April of 2013 but remains above a record low of 7.2 percent in March of 2008.
Considering the European Union, the jobless rate fell to 8.3 percent in October from 8.4 percent in September, reaching the lowest since February of 2009.
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20.448 million people were unemployed in the EU28, of whom 15.908 million in the Euro Area. Compared with September, the number of persons unemployed decreased by 190 000 in the EU28 and by 178 000 in the Euro Area.
Among Member States, the lowest unemployment rates were recorded in the Czech Republic (3.8 percent) and Germany (4.1 percent) and the highest in Greece (23.4 percent in August 2016) and Spain (19.2 percent).