Eurozone unemployment down to 11.8%

2 May 14
The eurozone unemployment rate fell to 11.8% in March, according to monthly figures published by Eurostat.

Data from the European Union’s statistical service revealed that an estimated 18,913 million people were out of work across the euro area, down slightly from 18,935 million recorded in February. 

Unemployment rates remained the highest in Greece (26.7%), according to the most recent figures available to Eurostat, which was January this year. Spain was a non-mover – its unemployment rate stayed at 25.3%.

Meanwhile, unemployment levels in Austria remained the lowest among the member states, despite creeping up slightly to 4.9% in March from 4.8% the previous month. Other low unemployment rates were recorded in Germany (5.1%) and Luxembourg (6.1%).

Across the EU as a whole, the unemployment rate remained flat at 10.5% in March, compared to the previous month, but in numerical terms, the number of people out of work fell by 66,000. The unemployment rate was down four percentage points on March last year.

Youth unemployment in March continued to fall, reaching 22.8% across the EU as a whole and 23.7% in the eurozone, compared with 23.5% and 24% respectively in the same period last year.

In March, the lowest levels of youth unemployment were observed in Germany (7.8%), Austria (9.5%) and the Netherlands (11.3%).

Conversely, the highest levels were recorded in Greece (56.8% in January 2014), Spain and Croatia at 53.9% and 49%, respectively.

Europe’s jobless rate continued to compare unfavourably with the US, which recorded a 6.7% unemployment rate in March, compared to 7.5% in the same period last year.

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