The Strategist

Unemployment in euro area remains at a record low of 6.5% in November

01/10/2023 - 09:52

According to information provided by the European Union's statistical office, the unemployment rate in the euro area stayed at a minimum of 6.5% in November 2022.
A record low of 10.84 million people were unemployed as of October, a decrease of 2,000 over the previous month.

Unemployment among young people's (under 25) increased to 15.1%. Spain had the highest unemployment rate, at 12.4%. The unemployment rate was 7.8% in Italy, 7% in France, 3.6% in the Netherlands, and 3% in Germany.

According to the International Monetary Fund (IMF), 2023 will see recession in half of the EU member states. The EU countries "suffered quite significantly" due to the war between Russia and Ukraine, according to IFC Managing Director Kristalina Georgieva. According to economists surveyed by the Financial Times, Europe will see recession and rising unemployment this year.