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Eurozone unemployment eases to 10 percent

Unemployment in the eurozone remains high but eased in September to the lowest level in five years at 10 percent of the workforce.

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Eurozone unemployment eases to 10 percent

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Unemployment in the eurozone remains high but has eased to the lowest level in five years.

It was 10 percent of the workforce in September, according to the latest tally from the European Union’s statistics office.

August’s total was revised down from 10.1 percent to 10.0 percent.

The last time it was at that level was June 2011.

Unemployment fell in most of the 19 countries using the euro currency, notably in Belgium, Ireland and France, while more people were out of a job in Austria, Italy and Luxembourg.

Germany had the lowest level of unemployment, stable at 4.1 percent.

Youth unemployment fell from 20.6 to 20.3 percent in September.

That was driven by improvements in Spain and Italy, though the overall level of those under the age of 25 without a job remained particularly high in those countries.

Eurozone economy: moderate growth

At the same time the European Central Bank released its latest economic bulletin.

It said gross domestic product in the eurozone should continue to expand at a moderate and steady pace but with risks from sluggish global growth and political uncertainty.

In an outlook that is largely consistent with the bank’s policy statement in late October, the ECB said that consumption and employment should continue to rise and the recovery in business investment should continue beyond the next quarter.