Eurozone unemployment stable, EU28 rate down 7.6 percent in August

COMPILED FROM WIRE SERVICES
ISTANBUL
Published 02.10.2017 13:16
The giant Euro symbol stands illuminated outside the headquarters of the European Central Bank (ECB) on November 5, 2012 in Frankfurt am Main, Germany. (Photo by Hannelore Foerster/Getty Images)
The giant Euro symbol stands illuminated outside the headquarters of the European Central Bank (ECB) on November 5, 2012 in Frankfurt am Main, Germany. (Photo by Hannelore Foerster/Getty Images)

Unemployment in the eurozone remained stable in August at an eight-year low, underlining Europe's continued economic recovery, official EU figures showed on Monday.

The jobless rate in the 19-country single currency area in August was 9.1 percent, the same as July and down from 9.9 percent in August 2016, the Eurostat statistics agency said in a statement.

"This remains the lowest rate recorded in the euro area since February 2009," it said.

Analysts at the data company Factset had predicted a rate of 9.1 percent.

Unemployment remained high in nations hit by the eurozone debt crisis with Greece on 21.2 percent, in June-July, the last month for which figures were available, Spain at 17.1 percent, and at 11.2 percent in Italy, and 10.7 percent in Cyprus.

But it continued to decline in Germany, with 3.6 percent in August compared to 3.7 percent in July, and in the Netherlands, with 4.7 percent compared to 4.8 percent the previous month.

In France, the rate increased to 9.8 percent in August from 9.7 percent in July.

The lowest unemployment rates were observed in the Czech Republic (2.9 percent), Germany (3.6 percent) and Malta (4.2 percent).

The unemployment rate for the entire 28-nation bloc stood at 7.6 percent in August, down from 7.7 percent in July and from 8.5 percent in August 2016, Eurostat said.

"This is the lowest rate recorded in the EU28 since November 2008," it added.

Eurostat estimates that 18.747 million men and women in the EU28, of whom 14.751 million in the euro area, were unemployed in August 2017.

"Compared with July 2017, the number of persons unemployed decreased by 104,000 in the EU28 and by 42,000 in the euro area," Eurostat added.

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