Euro zone records lowest unemployment in 8 years in May

Marco Green
July 4, 2017

Unemployment was down across member states.

The Eurostat statistics agency said the jobless rate in the 19-nation eurozone remained at 9.3 percent in May.

German unemployment held steady at 3.9%, but there was a slight increase in the jobless total for both France and Italy on the month which will maintain some concerns surrounding the outlook for peripheral economies.

During the worst of the debt crisis, unemployment in the single currency bloc peaked at 12.1 percent with 19.3 million people looking for work in April 2013. The figures ean an estimated 19.1 million people are looking for work across the European Union, with 15 million of these within eurozone countries.

Among the Member States, the lowest unemployment rates in May 2017 were recorded in the Czech Republic (3.0%), Germany (3.9%) and Malta (4.1%). The highest unemployment rate was observed in Greece with 22.5 percent in March 2017.

Encouragingly, Eurostat figures revealed that unemployment declined in all member states for which data is comparable over time. The largest decreases were registered in Croatia (from 13.4% to 10.7%), Spain (from 20.2% to 17.7%) and Ireland (from 8.4% to 6.4%).

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