Eurozone unemployment at lowest since 2009

Eurozone unemployment at lowest since 2009

The eurozone’s unemployment rate has continued to fall, dropping to a near eight-year low in February. Figures from the Eurostat agency showed the jobless rate fell from 9.6 per cent in January to 9.5 per cent – the lowest since May 2009.

The lowest unemployment rates were in the Czech Republic (3.4 per cent) and Germany (3.9 per cent), while the highest were in Greece (23.1 per cent) and Spain (18 per cent). France, the second-biggest economy in the eurozone, was stuck at 10 per cent. At the height of the financial crisis, unemployment in the eurozone peaked at 12.1%. IHS Markit’s manufacturing Purchasing Managers’ index (PMI) showed expansion in the Eurozone manufacturing sector, rising to 56.2 in March, from 55.4 in February. Any reading above 50 shows growth.


However, Chris Williamson, chief business economist at IHS Markit, said high demand was bringing problems. “Eurozone manufacturing is clearly enjoying a sweet spell as we move into spring, but it is also suffering growing pains in the form of supply delays and rising costs,” he said.


“The survey is also signalling the highest incidence of supplier delivery delays for nearly six years, underscoring how suppliers are struggling to meet surging demand.” By country in November, Europe’s top economy Germany had one of the lowest eurozone jobless rate at 3.9%, while Greece at 23.1% was the worst.


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