Eurozone Unemployment Rate, November 2022

The seasonally adjusted unemployment rate held steady at an October low of 6.5% in November.

Five economies saw stable unemployment rates in November, including Germany. Eight economies experienced a decline in unemployment rates, including Italy, France, the Netherlands and Spain, while seven economies experienced a rise in unemployment rates.

There remain significant disparities in labor market conditions between core and peripheral countries. Spain (12.4%) and Greece (11.4%) have the highest rates of unemployment. At the other end of the spectrum, Germany (3.0%) and Malta (3.2%) have the lowest unemployment rates.

FocusEconomics Consensus forecast committee members expect the unemployment rate to average 6.8% in 2023, unchanged from last month’s forecast. For 2024, the committee expects the unemployment rate to average 7.0%.

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