Eurozone unemployment falls to a ten-year low
McKinsey’s latest Global Economics Intelligence report reveals a postcrisis high in eurozone employment, brightening the 2019 outlook.
Notable in this month’s release of McKinsey’s Global Economics Intelligence (GEI) report is the unemployment rate in the euro area of 7.9 percent for November 2018, the lowest level since 2008. The seasonally adjusted index, maintained by Eurostat, held steady in December.1 Joblessness has fallen by more than one-third since September 2013, when the index was at 12 percent. The improvement has been slow but steady since that time—a point regarded as the nadir of Europe’s recession within a recession in the early 2010s. And in the wider European Union (EU-28), which includes high-employment countries such as Hungary, Poland, and the United Kingdom, the unemployment rate is even lower, at 6.6 percent, the lowest EU reading since recording began in January 2000.
To be sure, the rate of improvement has varied by country (exhibit). While unemployment was 3.3 percent in Germany in December 2018, the three next-largest economies, France, Italy, and Spain, clocked rates of 9.1, 10.3, and 14.3 percent, respectively. These higher readings all reflect slower national job growth since the dark days of 2013, when overall unemployment in Spain was above 25 percent and youth unemployment (ages 16–24) topped a shattering 56 percent.
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Eurozone unemployment falls to a ten-year low
Πηγή: mckinsey.com
