The rate has never been lower since the introduction of the euro. Bank economists had expected the development. Year-on-year, unemployment in the currency area has fallen significantly. In November 2021 it was still 7.1 percent. In 2021, the economy was burdened by the corona pandemic. As the statistical office also reported, around 10.85 million people in the euro zone were unemployed in November 2022. That was about 846,000 fewer than a year earlier.
Of the 20 countries in the euro zone, Spain and Greece still have the highest unemployment rates at 12.4 and 11.4 percent. With an unemployment rate of 6.5 percent, the new euro member Croatia is exactly in line with the average for the currency area. The rate is lowest in the Czech Republic (2.7 percent) and Germany (3.0 percent). According to Eurostat, unemployment in Austria was 5.6 percent.
Eurostat’s labor market data are based on indicators from the International Labor Organization (ILO). The rate for Austria is therefore lower than the rate reported by the domestic Ministry of Labour.
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