Eurozone Jobless Rate Steady At Record Low
(RTTNews) - Euro area unemployment rate remained unchanged at a record low in January despite weaker economic activity, official data showed Tuesday.
The jobless rate stood at 6.2 percent in January, unchanged from December, Eurostat reported. This was down from 6.5 percent in the same period last year. The expected rate was 6.3 percent.
The number of unemployed decreased by 42,000 persons from December. Compared to last year, unemployment fell by 547,000. The youth unemployment rate dropped marginally to 14.1 percent from 14.2 percent in December. Youth unemployment increased by 3,000 from the previous month but fell 93,000 from a year ago.
The EU unemployment rate also remained unchanged in January, at 5.8 percent. In January 2024, the rate was 6.1 percent.
Although the low jobless rate indicates that the labor market remains tight, there are other signs that firms' demand for workers is softening, Capital Economics economist Ankita Amajuri said.
With the near-term economic outlook weak, the economist said that it won't be long before the unemployment rate starts to rise, though the increase will be small.
The recent flash Purchasing Managers' survey results showed that companies reduced their staffing levels for the seventh straight month in February. There was a marked reduction in manufacturing workforce numbers, while employment in services logged a slight increase.
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