Europe’s statistics office reported an unemployment rate of 10.50% in November, down from the revised 10.60% of the prior month for the Euro Area in a strong indication of slow and moderate improvement in underlying fundamentals. The unemployment rate currently sits at the lowest level in more than 4-years but still remains elevated relative to other advanced economies. Of the Euro Area’s largest constituent economies, Germany recorded the lowest unemployment rate at 4.50% whereas Spain had the highest at 21.40%. Compared to last year’s 23.70% in November, Spain has showed improvement alongside Italy which saw the jobless rate at 11.30% versus last year’s 13.10%. Eurostat economists underlined the growing confidence amongst regional industrial firms has led to increased hiring and an improvement in sentiment, as record low rates from the ECB benefits the aggregate economy.
EU Unemployment Improves
Daily Analysis - 08/01/2016