Unemployment in euro zone area hit lowest level since mid-2008

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Unemployment in euro zone area hit lowest level since mid-2008

On Friday, the 30th of August, European statistics agency, Eurostat had sketched out an upbeat depiction of euro zone labor market adding that despite small-scale slowdowns at some euro zone areas, unemployment rate in euro zone remained at a decade-low figure.

Besides, according to Eurostat’s Friday’s (August 30th) announcement, a seasonally adjusted unemployment rate in eurozone on July remained at 7.5 percent, unchanged from a month earlier, while a total of 12.3 million people had been registered as potential job seekers, 16,000 less than a month earlier alongside 900,000 less on a year-on-year basis.

Aside from that, Eurostat’s Friday’s (August 30th) report on euro zone job market had also added that based on an internationally comparable calculation, Czech Republic had scored the lowest unemployment figure of 2.1 per cent, while the bloc’s largest economy, Germany’s unemployment rate had been at 3.0 per cent.

Meanwhile, Greece posted the highest unemployment figure among 28 eurozone nations excluding Britain with more than 17.2 per cent of its able-bodied citizens had been seeking for jobs on July. If truth is to be told, economists alongside analysts were expecting a sweeping slowdown in the euro zone economy this year and the next, however, a notable slowdown in economy usually affects labor markets with a considerable delay, suggested analysts.