Unemployment in Europe Stays High at 11.5% in October

Unemployment stood at 11.5% in October in the euro area, unchanged from August, falling just one tenth compared to the previous month in Spain, where it stands at 24%, according to first estimate of the European statistics agency Eurostat.

According to these figures, 18.395 million people were unemployed in October in the Eurozone. Compared to October 2013 are 547,000 fewer people unemployed.

In the whole European Union (EU), comprising 28 countries, unemployment stood at 10%, unchanged from September, the month for which Eurostat revised down to tenth estimating mid-November. In the EU, 24.413 million people were unemployed in October, less than 1.549 million compared to the same month last year.

The lowest unemployment rates were recorded in Germany (4.9%) and Austria (5.1%). The highest were located in Greece (25.9% in August) and Spain (24%). Among young people under 25 years unemployment rose a tenth compared to September, reaching 23.5% in the euro area, ie 3.356 million unemployed youth, but 141,000 less than in October 2013. The highest rates were recorded in Spain (53.8%, unchanged), Greece (49.3 in August, -0.7% compared to July), Italy (43.3%, increasing from 0, 6%) and Portugal (33%, unchanged).

Meanwhile, inflation fell in November to 0.3%, one tenth less than in October, its lowest level in five years, according to Eurostat’s first estimate, published Friday.

A year ago the evolution of the price index was 0.9%. As expected, the fall in energy prices, -2.5%, detracted from overall performance of the index.
The set of inflation excluding energy prices showed an evolution of prices of 0.6% in November.

Industrial goods not recorded developments in prices, while services marked 1.1% increase. The low inflation feeds the fear of deflation in the euro zone, a prolonged and widespread phenomenon of prices and wages discourages consumption and activity low.