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Euro zone unemployment rate remains unchanged at 10%

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by Kay Mitchell

The European Union’s statistics agency has today announced the unemployment rate in the 17-member euro zone remained stuck at 10% in December.

According to Eurostat, 15.7 million people were unemployed in the euro zone during the month.

Unemployment remains high in Spain – at above the 20% mark – but continues to fall in Germany, Finland and the Netherlands.

Figures today revealed Germany saw a fall in the number of people out of work in January to 3.135 million.

Germany’s Federal Labour Office said unemployment fell to an 18-year low in January taking the unemployment rate to 7.4% from 7.5% in December.

Germany’s job market has performed much better than in many other countries and many believe it is the result of the “Kurzarbeit” scheme, introduced by the German Government, designed to prevent mass redundancies.

In Italy, meanwhile, the jobless rate among 15-24 year olds reached 29% – the highest since 2004.

Meanwhile, in the 27-nation European Union, the unemployment rate remains at 9.6% with a total of around 23 million people unemployed.

In comparison, unemployment in the US stands at 9.4%, Japan’s unemployment rate is 4.9%, while in the UK it is 7.9%.

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News posted: February 1, 2011

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