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12/1/2022, 11:00 AM (Source: TeleTrader)
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Eurozone unemployment drops to record low in Oct.

The seasonally adjusted unemployment rate in the euro area contracted to 6.5% in October, in comparison to September's revised figure of 6.6%, Eurostat revealed in its report on Thursday, with the rate going down by 0.8 percentage points on the annual basis.

The figure decreased to a record-low rate amid recession concerns, seemingly indicating resilience to present economic trends. In the entire European Union, the unemployment rate was slightly lower month-on-month, coming in at 6% in October. Year over year, the reading declined by 0.6 percentage points.

EU member states with the highest rates of unemployment were Spain with 12.5%, followed by Greece with 11.6%. Meanwhile, the countries with the lowest unemployment rate were Czechia with 2.1%, Germany and Poland both standing at 3% unemployment rate.

Baha Breaking News (BBN) / AB