Here’s the Meaning of the Latest EU Unemployment Numbers
Eurostat on Tuesday released data concerning unemployment figures across the European Union.
The big news is that overall unemployment in the eurozone remained constant in the month of August, holding steady at July’s 12 percent level. While this may not seem like good news on the surface, it is an indicator that economies in the region are beginning to turn around, because unemployment rates have been steadily rising over the course of the past several years. Unemployment levels for the larger EU28 region remained constant, as well, staying put at July’s 10.9 percent figure.
Many economists have welcomed the data as a rallying point for evidence of an economic recovery in the region. With most indicators in the past month looking up — and unemployment rates not looking down — many signs are indicating that economies in the region are once again beginning to pick up steam. With the total number of unemployed in the area now at 19.18 million people, some analysts are optimistic that the 20 million mark of unemployed in the euro area will not be breached this year — a goal that, if achieved, would be a major victory for policymakers in the region.