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Despite restrained economic growth, the unemployment rate in the Euro zone fell to the lowest level in more than a decade in October.
Data from Eurostat showed that the Eurozone unemployment rate fell to 7.5 percent in October from 7.6 percent in September, also matching expectations. The index reached its lowest level since July 2008.
the number of the unemployed decreased by 31 000 from September to 12,334 million in October. In annual terms, unemployment dropped to 761 000 people.
the unemployment rate among young people under 25 years decreased slightly to 15.6 percent from 15.7 percent in September.
In Italy, the unemployment rate fell to 9.7 percent in October from 9.9 percent in September, and in France to 8.5 percent from 8.6 percent. In Spain, the indicator remained stable at 14.2 percent, and in Germany unchanged at 3.1 percent.
According to Jack Allen Reynolds, economist at Capital Economics, in the face of slowing employment growth and a weaker labour market, wage this year is likely to either level off, or decline.
the Federal employment Agency of Germany reported a marked reduction in unemployment in November. The seasonally adjusted number of unemployed unexpectedly fell by 16,000 people after growing by 5,000 a month earlier. Economists had forecast an increase in the number of unemployed was 6,000 people.
the unemployment rate remained stable near a record low of 5 percent in November, which is also in line with expectations.
the Head of the Federal Agency for employment Detlef Scheele said: "the Current weak economic situation can still be felt in the labour market. “In General, however, it remains stable.
Eckart of Tuchtfeld, economist at Commerzbank, said that he sees a high probability that the German labour market will continue to withstand the economic downturn.
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