Unemployment in the 19-nation eurozone dipped for the sixth consecutive month in January, dropping to 10.3 percent – the lowest level since August 2011.
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The agency explained that the EU28 unemployment rate was 8.9 percent in January 2016, down from 9.0 percent in December 2015, and from 9.8 percent in January 2015.
“The eurozone’s recovery will remain under pressure because of the slowdown in China, continued geopolitical tensions with Russian Federation, and the immigration crisis, while the weaker euro will likely support exports outside the single-currency region and low energy prices should continue supporting manufacturing sectors across the euro area”, said Martin Janicko, economist at Moody’s Analytics.
After seasonal adjustment, the number of persons in employment increased by 74,000, or 0.2 percent in January from previous month. The jobless rate hit a record high of 27.9 percent in September 2013. The European Commission said last week that its Economic Sentiment Indicator, which aggregates measures of consumer and business confidence, fell to 103.8 in February from 105.1 in January – the lowest reading since June 2015.
Even so, the jobless rate remains high – more than double the U.S.’s rate of 4.9 percent, for example – and particularly so in certain countries.
Hiring fueled January’s unemployment rate decline.
Greece’s unemployment rate dropped slightly to 24.6 percent in November, down from an upwardly revised 24.7 percent in October, announced the Hellenic Statistical Authority (ELSTAT).
Payroll employment has risen by nearly 60,000 jobs since January 2015.
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Germany’s unemployment rate dipped to 6.6 per cent last month thanks to sustained growth in Europe’s biggest economy and relatively mild winter weather.
