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Eurozone unemployment at its lowest since 2009
Decreasing unemployment rate

The cartoon shows the decreasing unemployment rate in February 2017 for Eurozone.

The Eurozone’s unemployment rate in February has continued to fall and dropped to a near eight year low. According to Eurostat agency, the unemployment rate had decreased from 10.3% in February 2016 to 9.6% in January 2017 to 9.5% in February 2017. This is the lowest rate recorded in Eurozone since May 2009.

 

Eurostat estimated that there are 15.439 million of people unemployed in the Eurozone in February 2017. The number of unemployed people had decreased by 140,000 compared to January 2017. In comparison with last year February, the rate of unemployment has declined by 1.246 million.

 

The lowest unemployment rate among the Eurozone members  in February 2017 were Czech Republic (3.4%), Germany (3.9%) and Malta (4.1%). Meanwhile, Greece and Spain recorded the highest unemployment rate with 23.1% in December 2016 and 18.0% respectively.

 

In regards to last year, the unemployment rate had fell for 26 members while it rose for Denmark (6.0 to 6.4%) and Lithuania (8.0 to 8.3%). The largest decreases were seen in Croatia (14.4 to 11.6%), Spain (20.5 to18.0%), Portugal (12.2 to 10.0%) and Ireland (8.4 to 6.6%).

 

Meanwhile, the unemployment rate in the United States was 4.7% in February 2017, dropped from 4.8% in January 2017.

 

As of February 2017, 2.722 million people aged below 25 years old are unemployed in the Eurozone. The youth unemployment rate had also declined about 309,000 from 21.6% in February last year to 19.4% this year February.

 

German has recorded the lowest youth unemployment rate at 6.6% while the Greece (45.2% in December 2016), Spain (41.5%) and Italy (35.2%) have the highest youth unemployment rate.

 

The Eurozone includes Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.

 

The measurement is based on harmonised source, the European Union Labour Force Survey (LFS).

 

Source: Eurostat, the statistical office of European Union

 

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