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Euro zone: further decline in unemployment in November to 8.7%

Ⓒ AFP/Archives – Philippe HUGUEN – | The unemployment rate in the euro area continued to decline in November, standing at 8.7%

The unemployment rate in the euro area continued to decline in November, standing at 8.7% against 8.8% in October, said Tuesday the European Statistical Office, Eurostat.

This rate, the lowest since January 2009, is in line with the expectations of analysts surveyed by financial services provider Factset.

The unemployment rate in the euro zone has been falling since it was ironed in September 2016 below the symbolic threshold of 10%.

In January 2009, it was exactly 8.7% and jumped the month after – February 2009 – to 9%.

At the worst of the debt crisis, unemployment reached a record 12.1% in April, May and June 2013 in the euro area.

Since then, the economic situation has slowly improved, but unemployment still remains much higher than the average rate before the 2007-2008 financial crisis, when it was 7.5%.

Despite this steady decline, disparities remain significant among the 19 countries that have adopted the single currency.

Thus, the lowest unemployment rate in November is – once again– recorded in Germany and Malta (3.6%). And the highest rates were again recorded in Greece (20.5% in September 2017, last available figure) and Spain (16.7%).

In France, it was 9.2% in November against 9.3% in October.

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