Eurozone Unemployment Rate Lowest Since March 2008
01 April 2020 - 4:52PM
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Euro area jobless rate unexpectedly eased to its lowest level
since in over a decade in February, just ahead of the announcement
of coronavirus pandemic containment measures in several countries
in the region. The jobless rate fell to 7.3 percent, data from
Eurostat showed Wednesday, while economists had expected it to
remain unchanged at January's 7.4 percent. That was the lowest rate
since March 2008, the agency added. In February 2019, the
unemployment rate was 7.8 percent.
The EU unemployment rate was 6.5 percent, unchanged from
February. A year ago, it was 6.9 percent. The latest rate is the
lowest recorded in the EU since the start of the monthly
unemployment series in February 2000, Eurostat said. In February, a
total 13.984 million people were unemployed in the EU, of whom
12.047 million were in the euro area. The number of persons
unemployed decreased by 62,000 from the previous month in the EU
and by 88,000 in the euro area. Compared to the same month last
year, unemployment fell by 784,000 persons in the EU and by 663,000
in the euro area.
Among the Member States, the lowest unemployment rates in
February were recorded in the Czech Republic, the Netherlands and
Poland, while the highest rates were observed in Greece and
Spain.
There were 2.734 million unemployed young persons in the EU in
February, of whom 2.258 million were in the euro area. Compared to
the same month last year, youth unemployment decreased by 85,000
persons in the EU and by 56,000 in the euro area.
The youth unemployment rate was 14.9 percent in the EU and 15.5
percent in the euro area in February versus 15.5 percent and 16.1
percent respectively a year ago.
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