Joblessness in the euro area declined to the lowest level since early 2009, adding to evidence that the 19-nation economy has found its feet.
The unemployment rate dropped to 8.7 percent in November from 8.8 percent the previous month, according to a report from Eurostat on Tuesday. The reading matches the median of 34 estimates in a Bloomberg survey.
After a bleak period beset with bank failures, record joblessness and a sovereign-debt crisis that jeopardised the currency union and triggered unprecedented stimulus by the European Central Bank, the region’s economy is returning to health. Economic growth last year was probably the quickest in a decade, and the pace of expansion in 2018 is forecast to be almost as fast.
Strengthened momentum is being reflected in a better labor market and elevated business sentiment. In Spain, the jobless rate is at a nine-year low, while Germany’s is the lowest on record. Economic confidence for the region soared to an almost two-decade high, data earlier this week showed. Youth unemployment fell to 18.2 percent in November.
