Eurozone’s Unemployment Drop to 10-year Low, Official Data Releases

The unemployment rate in the eurozone reduced unexpectedly, reaching its lowest level over a decade based on the reports on Wednesday.

According to the Eurostat statistics, the unemployment declined to 7.9 percent in November, which was the lowest level since October 2008 and lesser than the assumption of economists by 8.1 percent rate.

Moreover, the October reading was also revised lower to 8.0 percent compared to the previous forecast of 8.1 percent.

The decline was partly due to the decline in employment in the countries of Italy and Spain but are still considered the highest unemployment rates in the eurozone after Greece.

Data shows a decline of unemployment by 14.7 percent in Spain and 14.8 in October. It dropped to 10.5 percent in Italy from 10.6 percent. The most recent figure shows in Greece an 18.6 percent rate in September.

In Germany and France, being the two biggest economies in the eurozone continues to be steady with 3.3 percent and 8.9 percent, respectively.

On the euro bloc consisting of 28 nations, the unemployment remained steady at 6.7 percent in November, based on the Eurostat estimated rate.