The unemployment rate in the eurozone remained steady in October, indicating a strong job market despite concerns of a weakening economy.
According to data released by European Union statistics agency Eurostat on Thursday, the jobless rate stayed at 6.5% in the 20-member currency union. This figure has barely changed since the beginning of the year, remaining at near-record lows. Economists polled by The Wall Street Journal had predicted this outcome.
Although the overall rate remained unchanged, there was an increase of 48,000 unemployed individuals in the bloc compared to September. Additionally, youth unemployment slightly increased from 14.6% to 14.9%.
Major economies within the bloc did not experience significant shifts in unemployment rates during the month. Germany, known for its relatively low levels of unemployment, maintained a rate of 3.1%. France reported an unchanged rate of 7.3%, while Spain, which consistently experiences higher rates of joblessness, remained at 12.0%. In Italy, unemployment slightly rose from 7.6% to 7.8%, as stated by Eurostat.
Earlier in the year, a strong job market and subsequent wage growth were believed to contribute to stable price inflation in the eurozone. However, as services inflation has begun to ease across the bloc, policymakers at the European Central Bank may have reduced concerns regarding the resilience of the jobs market.
Eurostat's figures for November indicate that headline inflation in the bloc declined more than anticipated, reaching 2.4%.
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