FX.co ★ Euro area unemployment rate at nearly 8-year low

Figures from the Eurostat agency showed the eurozone unemployment rate declined to 9.5% in February from 9.6% in January. This was the lowest rate recorded in the euro area since May 2009.

The number of unemployed fell by 140,000 from the previous month to 15.439 million in February.

The EU28 overall unemployment rate decreased to 8% in February from 8.1% in January. The number of jobless in the EU declined by 153,000 to 19.75 million.

The lowest unemployment rates during the reporting period were in the Czech Republic (3.4%), followed by Germany (3.9%) and Malta (4.1%).

Meanwhile, the highest jobless rates were registered in Greece (23.1%) and Spain (18%). Greece’s figure was based on the December data as this was the most recent information provided by Athens.

French unemployment rate was unchanged at 10%, while Italy’s jobless rate dropped to 11.5% from 11.8% in January.

The latest Economic Forecast by the European Commission shows that unemployment rate in the euro area and the EU is expected at 9.6% and 8.1%, respectively.