Unemployment in Europe remains at a record low
Unemployment in the eurozone remains historically low. In November, the unemployment rate remained at 6.5 percent, as reported by the Eurostat statistics office in Luxembourg on Monday. The rate has never been lower since the introduction of the euro.
The unemployment rate in the euro zone remains at a record low level. (icon picture)
Year-on-year, unemployment in the currency area has fallen significantly. In November 2021 it was still 7.1 percent. In 2021, the economy was burdened by the corona pandemic.
As reported by the statistical office, around 10.85 million people in the euro zone were unemployed in November 2022. That was about 846,000 fewer than a year earlier.
Of the 20 countries in the euro zone, Spain and Greece still have the highest unemployment rates at 12.4 and 11.4 percent. With an unemployment rate of 6.5 percent, the new euro member Croatia is exactly in line with the average for the currency area. In Germany, the rate is lowest at 3.0 percent.
Eurostat’s labor market data are based on indicators from the International Labor Organization (ILO).