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Eurozone jobless rate drops to record

Eurozone joins 7.4% in August

The unemployment rate in the Eurozone in August fell to 7.4%, which is a record since 2008. It is reported by RBC-Ukraine with reference to Reuters.

According to the European Union Statistical Office, in August the unemployment rate decreased by 0.1% compared with July, continuing the positive trend, which lasts from August 2014. Then the unemployment rate was 11.5%.

It is noted that a decrease in unemployment occurred in countries where this indicator was the largest in the Eurozone. So, in Spain unemployment fell to 13.8% in August from 13.9% in July, in Italy to 9.5% from 9.8%. In Greece, the country in the block with the highest rate, it fell to 17.0% in June, the last month for which data are available. In Germany, the eurozone's largest economy, the indicator remained stable at 3.1% in August. In France, the unemployment rate remained at the same level - 8.5%.

Note that the Eurozone is an economic monetary union, which includes 19 countries of the European Union, where the official currency is the euro.

Recall that earlier RBC-Ukraine reported that in Ukraine for the second quarter of 2019, the unemployment rate decreased. There are 1.4 million people without work in Ukraine, which is 8% of the working population (15-70 years old).

It was also reported that in the European Union the unemployment rate reached the pre-crisis levels of 2008. Thus, 73.8% of the population are employed in the European Union.