The labor market in the euro countries remains strong and falls to a low of 6.5%
The eurozone unemployment rate hit a new record low in October, falling to 6.5%, according to data released this Thursday by the European Statistical Office (Eurostat). The consequences of the war in Ukraine have not yet affected the labor market, which remains strong even in bad weather. However, Spain continues to have the highest unemployment rate (12.5%), almost doubling the average for the eurozone countries.
The indicator for countries with a common currency has reached its lowest level since data collection began in April 1998, and in the European Union (EU) it fell further to 6%. The European Commission fears that the labor market will suffer from the economic contraction in the coming months, sending the bloc into a “technical recession”.
In the case of Spain, in its recent recommendations, Brussels expressed concern about the high level of unemployment in the country, which heads the EU. Brussels hopes that unemployment will fall before the end of the year, but sees systemic problems such as high youth unemployment and low labor market integration of the long-term unemployed. However, data for October shows a slight improvement from September, when the unemployment rate was 12.7%.
At European level, young people remain one of the groups most affected by unemployment. In October, the unemployment rate for under-25s stood at 15.1% in the EU.
Source: La Verdad
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
