Eurozone: July unemployment lowest in almost three and a half years

Eurozone: July unemployment lowest in almost three and a half years

The unemployment rate in the Eurozone stood at 10.9% in July this year, down from 11.6% in July and 11.1% in June 2015, revealed Eurostat (European office of statistics) on Tuesday. This is the lowest unemployment rate the Eurozone has experienced since February 2012.

In July, the unemployed numbered 17.532 million in the Eurozone, representing a decrease of 1.116 million people compared to July 2014 and 213,000 MoM (month-on-month). The lowest unemployment rates were recorded in Germany (4.7%), the Czech Republic and Malta (5.1% each), while the highest were to be found in Greece (25.0 % in May 2015) and Spain (22.2%).

Over the course of one year, the July 2015 unemployment rate fell in 23 Member States, rose in three others and remained stable in Belgium (8.5%) and in Romania, points out Eurostat. The largest drops were observed in Bulgaria (from 11.5% to 9.4%), Spain (24.3% down to 22.2%), Greece (27.0% to 25.0 % between May 2014 and May 2015), Portugal (from 14.1% to 12.1%), Ireland (11.3% to 9.5%) and Croatia (16.9% to 15, 1%).

Rates rose in Finland (from 8.7% to 9.7%), France (10.3% to 10.4%) and Austria (5.7% to 5.8%). Across the EU, the unemployment rate averaged 9.5% in July 2015, down on both June 2015’s 9.6% and the 10.2 % recorded in July 2014. This is the lowest unemployment had been in the EU since June 2011.

(Source: Belga)

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