Eurozone unemployment falls below 10pc

Germany had one of the lowest jobless rates in the eurozone. — Reuters pic
Germany had one of the lowest jobless rates in the eurozone. — Reuters pic

BRUSSELS, Dec 1 — Unemployment in the eurozone has fallen below the symbolic mark of 10 per cent for the first time since April 2011, EU data showed today.

The Eurostat statistics agency said the jobless rate in the 19-nation eurozone fell to 9.8 per cent in October, driven by falls in France and Italy. 

The September rate was revised to 9.9 per cent from the 10 per cent first given last month. 

The outcome was much lower than estimated in a survey of analysts by Bloomberg which put October unemployment unchanged at 10 per cent.

One of the lowest jobless rates was in powerhouse Germany, at 4.1 per cent, while the highest rates were in debt-laden Greece at 23.4 per cent and Spain with 19.2 per cent. 

Unemployment in the full 28-nation EU fell to 8.3 per cent in October from 8.4 per cent in September, Eurostat said.

Unemployment in the single currency bloc hit a record high of 12.1 per cent during the worst of the debt crisis.

The improvement since then has been painfully slow, with the economy still well short of the 7.5 per cent jobless rate seen before the 2007-08 financial crash.

By headcount, there were some 15.9 million people without jobs in the eurozone in October, down 190,000 from September and 1.8 million fewer compared with October 2015. — AFP

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