Figures reported on Monday by Eurostat showed that the unemployment rate within the Euro Area remained at 9.80% during the month of November, matching expectations and the reading in October. Although unemployment has been on a downward trend over the last two years thanks to the accommodative efforts of the European Central Bank, the latest figures stress the importance of having accompanying fiscal stimulus to boost economic momentum.
Compared to November from a year earlier, the figure has shown tremendous gains, falling from 10.50% after adding 972,000 over the subsequent twelve months and 15,000 positions during November. Even with the unemployment rate at 7-year lows and economic confidence climbing, youth unemployment remains a pressing concern, especially after the latest data from Italy showed the rate rising further. Meanwhile, the Euro remains on the climb, retaking the 1.0600 level versus the US dollar.