Eurozone Unemployment is at Minimum Since 2009

The unemployment rate in the euro area fell to a nine-year low in November. The statistical office of the European Union Eurostat reported that the unemployment rate in 19 countries of the euro area was 8.7% in November against 8.8% in October, and this is the lowest level since January 2009.

The Eurostat report also showed that the number of unemployed fell by about 107.000 to 14.263 million. The average unemployment rate for the Eurozone is different. In Germany, the unemployment rate is 3.6%, while in Greece unemployment was 20.5% in September. The unemployment rate in Spain and Italy is 16.7% and 11.0% respectively.

Data on unemployment confirm the economic recovery in the region. Economic growth in the Eurozone last year was probably the fastest in a decade, and amounted to 2.5% in the third quarter of 2017.