Eurozone Jobless Rate Drops
World Economy

Eurozone Jobless Rate Drops

Cyprus had the largest decrease in unemployment rates, from 15.3% to 12.0% in May 2016, compared to a year ago, SigmaLive reported. According to Eurostat, the unemployment rate in May 2016 fell in 26 member states, remained stable in Latvia and increased in Austria (from 5.9% to 6.1%). Croatia had the second largest decrease (from 16.2% to 13.3%), followed by Bulgaria (from 10.0% to 7.3%) and Spain (from 22.5% to 19.8%). In the eurozone, seasonally-adjusted unemployment rate was 10.1% in May 2016, down from 10.2% in April 2016 and from 11.0% in May 2015. This is the lowest rate recorded in the eurozone since July 2011. The EU28 unemployment rate was 8.6% in May 2016, down from 8.7% in April 2016 and from 9.6% in May 2015. This is the lowest rate recorded in the EU28 since March 2009. Eurostat estimates that 21.084 million men and women in the EU28, of whom 16.267 million were in the eurozone, were unemployed in May 2016.


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