2024.01.0910:22:00UTC+00Eurozone Unemployment Rate At Record Low

The euro area unemployment rate dropped to a record low in November despite the economy undergoing severe downturn, data from Eurostat revealed on Tuesday. The jobless rate fell marginally to 6.4 percent from 6.5 percent in October. In the same period last year, the unemployment rate was 6.7 percent.

The unemployment rate was forecast to remain unchanged at 6.5 percent.

The statistical office estimated that the total number of unemployed declined by 99,000 to 10.970 million in November. Compared to last year, unemployment fell by 282,000.

The unemployment rate among young people aged below 25 decreased 54,000 on a monthly basis to 2.321 million in November. The youth unemployment rate stood at 14.5 percent, down from 14.8 percent in October.

The EU unemployment rate slid to 5.9 percent in November from 6.0 percent in October. On Monday, the European Commission published a new Labour Hoarding Indicator. The LHI for EU stayed virtually unchanged at 10.5 percent, which was slightly above its long-term average of 9.7 percent.

The latest Purchasing Managers' survey from S&P Global showed that the euro area private sector continued to contract in December.

Due to sustained reduction of backlogs of work, euro area employment posted a second straight monthly fall, survey results revealed. Although the pace of job shedding was only marginal, this was the joint-fastest for three years.