The euro zone unemployment rate has hit its lowest level in nearly 12 years.
The jobless figure across the entire 19 euro area countries dropped from 7.5% in November 2019 to 7.4% in December 2019, according to Eurostat.
The EU statistics agency stated: “This is the lowest rate recorded in the euro area since May 2008.”
For the entire EU, seasonally adjusted unemployment declined from 6.3% in November 2019 to 6.2% in December 2019. “This is the lowest rate recorded in the EU28 since the start of the EU monthly unemployment series in January 2000,” Eurostat said.
Luxembourg’s unemployment rate was below the European average, but crept up from 5.5% in November 2019 to 5.6% in December 2019.
The grand duchy’s youth unemployment ratio (which counts people under 25 in the labour force) increased from 15.7% to 16.5%.