Unemployment rates in the eurozone in the ten-year low

The employment situation in the monetary union is again at the level it had before the financial crisis. Unemployment in Spain and Portugal has fallen sharply.

Unemployment rates in the eurozone in the ten-year low

Unemployment in eurozone is still tending to decline. In June, unemployment rate was 8.3 percent, and statistics office Eurostat. A quota below this value lasted in November 2008. Economists had anticipated positive development.

In addition, Eurostat revised unemployment rate for May from previously 8.4 percent to 8.3 percent downwards. According to current data, new depression had already been reached a month earlier than previously known. Since summer of 2013, situation on labour market in common currency area has improved furr and furr. As a result of euro crisis, unemployment had risen sharply and had reached 2013 values of over 12 per cent in year.

The improvement in labour market is evident in all eurozone member states. Compared with year, Eurostat continued to decline unemployment rate in June without exception. The most noticeable decreases were in Cyprus (from 11.0 to 8.2 percent), Spain (from 17.0 to 15.2 percent) and Portugal (from 9.1 to 6.7 percent).

However, differences between countries remain high: Greece has a still very high unemployment rate of 20.2 percent. On or hand, Germany is particularly well-off. Unemployment has risen slightly in July, as usual in summer recess. The Federal Employment Agency (BA) registered but 2,325,000 unemployed and thus lowest number in a July since reunification of 1990.

Updated Date: 01 August 2018, 12:00

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