Economy

Unemployment down to 9.1% in the euro zone in August

Unemployment in the eurozone remained stable in August at an eight-year low, underlining Europe's continued economic recovery, official European Union figures showed on Monday. This was the lowest rate since February 2009.

In August 2017, the unemployment rate for the EU-28 was at 7.6%, down from 7.7% in July 2017 and from 8.5% in August 2016. A year ago, the rate was 9.9 percent.

"Looking ahead, the euro-zone unemployment rate is likely to start falling again soon, and this should put upward pressure on wages", said Jack Allen, European economist at the Capital Economics.

But it continued to decline in Germany, with 3.6 per cent in August compared to 3.7 per cent in July, and in the Netherlands, with 4.7 per cent compared to 4.8 per cent the previous month.

In August 2017, 18.747 million men and women were without jobs in the EU28, 14.751 million of them in the euro zone, according to Eurostat estimates.

Eurozone's August reading was a little disappointing as it came higher than the consensus forecast of a fall to 9 percent, said a research of the Capital Economics.

Among the member states, the highest unemployment rates in August this year were recorded in Greece (21.2 percent in June 2017) and Spain (17.1 percent).

"This is the lowest rate recorded in the EU28 since November 2008", it added.



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