Eurozone unemployment falls to lowest level since December 2008

Thursday, 2018-03-01 22:59:00
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People wait outside a Greek Manpower Employment Organisation (OAED) office in an Athens suburb December 11, 2013. (Photo: Reuters)
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The eurozone unemployment rate was 8.6% in January, the lowest level since December 2008, marking a positive start to 2018, data from European Union statistics agency Eurostat showed on March 1.

The rate, which was revised down to 8.6% from a previously estimated 8.7%, is unchanged compared with December last year.

Compared with January last year, when the unemployment rate stood at 9.6%, the unemployment rate fell in all member states.

The continued drop in unemployment rate coincides with the eurozone's strong economic growth in 2017, which expanded at its fastest rate in a decade.

However, there are still big disparities between member states. Unemployment rate in Germany stood at 3.6%, while Spain's rate was 16.3%. France's unemployment rate was stable at 9%.

In Italy, the third largest economy in the eurozone, the rate was even increased from 10.9% in December to 11.1%.