Eurozone Unemployment Falls in March

Eurozone unemployment numbers have fallen slightly to 19.81 million, according to EU figures for March.

Unemployment for the area is down from 19.84 million in February.

The unemployment rate has remained at a steady 11.8% since December 2013, but numbers of unemployed in the area have gradually fallen since January.

The figures bolster European Central Bank (ECB) projections of steady economic growth in the currency area, economists said.

Timo del Carpio, European economist at RBC Capital Markets, said the figures “lend more weight to the view that unemployment in the euro area peaked late last year, which will offer some degree of reassurance to policymakers that the recovery is slowly gaining traction.”

The March unemployment figures are an average for the 18 countries in the eurozone. There are large differences in employment between countries.

Austria had the lowest rate of unemployment, at 4.9%, while the country with the highest unemployment rate for March was Spain, at 25.3% unemployment.

However, the most recently available figures for Greece put unemployment at 26.7% for January.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza