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For additional information relating to this article, please contact:

Barbara Ruszel Economist
Tel: 902-424-1848Email: Basia.Ruszel-Lichodzijewska@novascotia.ca

November 30, 2017
EU AND EURO AREA UNEMPLOYMENT RATE, OCTOBER 2017

Eurostat has reported that unemployment rates continue to fall in the Euro Area in October, reaching 8.8 per cent for the 19 countries that use the Euro.  For the broader European Union of 28 countries, the unemployment rate declined to 7.4 per cent in October.

The European Union unemployment rate is now very close to the Nova Scotia unemployment rate, which was the case prior to the sovereign debt crisis in 2012.  

Among major European economies, the October unemployment rate was 3.6 per cent in Germany, 9.4 per cent in France, 11.1 per cent in Italy, 4.5 per cent in the Netherlands, 16.7 per cent in Spain.  Greece's unemployment rate was 20.6 per cent in August.  Improvements in the unemployment rates in Europe have come from large declines in unemployment rates for Spain, Ireland, Portugal and Greece as well as smaller improvements in larger economies such as Germany, France, Italy and the Netherlands.  There have also been longer trends towards declining unemployment rates in newer members of the Euro Area, such as Slovakia, Slovenia, Latvia, Lithuania and Estonia.  Outside of the Euro Area, there have been marked improvements in the unemployment rates for Poland, Bulgaria, Hungary, Croatia, and Romania as well as smaller reductions in Sweden, the United Kingodm and Denmark. 

Note: An unemployment person is defined by Eurostat according to the guidelines of the International Labour Organization as individual aged 15 to 74 (in Italy, Spain, the United Kingdom, Iceland, Norway: 16 to 74 years), who is without work, is available to start work within the next two weeks and has actively sought employment at some time during the previous four weeks.  Canadian results from the Labour Force Survey shown above use slightly different age cohorts.

Source:  Eurostat: Unemployment



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