Euro-area unemployment held at a record in November as policy makers struggled to bolster the recovery from the currency bloc’s longest recession.
The jobless rate remained at 12.1 percent, the European Union’s statistics office in Luxembourg said today. That’s in line with the median estimate in a Bloomberg News survey of 26 economists. After several revisions of previous months’ data, unemployment has been stable at that level since April.
While unemployment remains resistant to policy makers’ attempts to boost the economy, positive signs are gradually accumulating. Separate data today showed euro-area retail sales and German factory orders rose more than forecast in November, while data tomorrow may show economic confidence in the currency bloc improved in December.
There is “very limited momentum in the euro area labor market,” said Timo del Carpio, an economist at RBC Capital Markets in London. “Despite gradually improving macro conditions, the pace of recovery in our view falls short of that necessary to make a measurable dent in unemployment.”
Chosen excerpts by Job Market Monitor. Read the whole story at
From the Official Press Release
Youth unemployment In November 2013, 5.661 million young persons (under 25) were unemployed in the EU28, of whom 3.575 million were in the euro area. Compared with November 2012, youth unemployment decreased by 46 000 in the EU28 and increased by 2 000 in the euro area. In November 2013, the youth unemployment rate5 was 23.6% in the EU28 and 24.2% in the euro area, compared with 23.4% and 23.9% respectively in November 2012. In November
2013, the lowest rates were observed in Germany (7.5%) and Austria (8.6%), and the highest in Spain (57.7%), Greece (54.8% in September 2013) and Croatia (49.7% in the third quarter of 2013).