Eurozone employment falls marginally

AFP, BRUSSELS:  The eurozone unemployment rate improved only marginally in February, official data showed yesterday, stoking concerns the economy could be slowing after only a modest recovery.
Analysts said that while the economy is holding up despite recent financial market volatility and concerns over the outlook for China, job gains may not be enough to help it get it through the current soft patch.
Jennifer McKeown at Capital Economics said the figures and other recent data “suggests that the eurozone’s labour market recovery is beginning to slow.”
The Eurostat statistics agency said unemployment in the 19-nation eurozone fell to 10.3 per cent in February, a four-and-a-half year low, from a revised 10.4 per cent in January.
The January figure was originally given as 10.3 per cent last month and analysts had expected the February jobless rate to come in unchanged at 10.3 percent.
Unemployment hit a record high 12.1 per cent during the worst of the debt crisis.
The European Central Bank launched a massive stimulus programme in early 2015 but to little apparent effect and last month added even more unprecedented measures in an effort to get the economy back on track.
The ECB at the same time cut its eurozone growth forecasts for 2016 and 2017 to 1.4 per cent and 1.7 per cent, from the previous 1.7 per cent and 1.9 percent, respectively.
Eurostat said there were 16.63 million jobless in the eurozone in February, down 39,000 from January. The EU unemployment rate was unchanged at 8.9 per cent in February, it said.
The lowest jobless rates were in Germany, 4.3 percent, and the Czech Republic on 4.5 per cent while the highest were in debt-laden Greece at 24 per cent and Spain with 20.4 per cent.

 

Eurozone employment falls marginally

AFP, BRUSSELS: The eurozone unemployment rate improved only marginally in February, official data showed yesterday, stoking concerns the economy could be slowing after only a modest recovery. Analysts said that while the economy is holding up despite recent financial market volatility and concerns over the outlook for China, job gains may not be enough to help it get it through the current soft patch. Jennifer McKeown at Capital Economics said the figures and other recent data suggests that the eurozones labour market recovery is beginning to slow. The Eurostat statistics agency said unemployment in the 19-nation eurozone fell to 10.3 per cent in February, a four-and-a-half year low, from a revised 10.4 per cent in January. The January figure was originally given as 10.3 per cent last month and analysts had expected the February jobless rate to come in unchanged at 10.3 percent. Unemployment hit a record high 12.1 per cent during the worst of the debt crisis. The European Central Bank launched a massive stimulus programme in early 2015 but to little apparent effect and last month added even more unprecedented measures in an effort to get the economy back on track. The ECB at the same time cut its eurozone growth forecasts for 2016 and 2017 to 1.4 per cent and 1.7 per cent, from the previous 1.7 per cent and 1.9 percent, respectively. Eurostat said there were 16.63 million jobless in the eurozone in February, down 39,000 from January. The EU unemployment rate was unchanged at 8.9 per cent in February, it said. The lowest jobless rates were in Germany, 4.3 percent, and the Czech Republic on 4.5 per cent while the highest were in debt-laden Greece at 24 per cent and Spain with 20.4 per cent.