Eurozone Unemployment Falls to 12.1 Percent

The eurozone’s unemployment rate has fallen for the first time since early 2011, according to official data.

The jobless rate across the 17 countries using the euro currency fell to 12.1% in October, the first fall since February 2011, the European Union’s statistics office Eurostat said.

About 19 million people are out of work across the region.

Meanwhile, the annual rate of consumer inflation rose from 0.7% to 0.9%.

The European Central Bank (ECB) aims to keep inflation just below 2% – the level it deems right for growth.

The data indicates that the fragile eurozone economy may be gradually improving, although there are big disparities between individual countries.

The unemployment rate in Spain and Greece is about 27%, for example, while Austria’s is 5%.

via BBC

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