EU Unemployment Fell to 9 Year Low in November

Euro zone unemployment fell to a new nine-year low in November thanks to strong economic growth, data showed on Tuesday, but the jobless rates differ widely across the single currency bloc.

The European Union’s statistics office Eurostat said the jobless rate in the 19 countries sharing the euro was 8.7 percent in November, down from 8.8 percent in October and the lowest since January 2009.

The number of unemployed fell by around 107,000 people to 14.263 million in the euro area, Eurostat said.

Emerging from years of economic malaise caused by the sovereign debt crisis, the euro zone economy is now growing strongest pace in a decade – at 2.5 percent year-on-year in the third quarter of 2017.

But the average unemployment rate for the whole single currency area masks great differences within it — Germany has an unemployment rate of 3.6 percent while Greece’s was at 20.5 percent in September, Spain’s was at 16.7 percent in November and Italy’s was 11.0 percent.

via Reuters

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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