AP reports from London that employment across the 19-country eurozone has fallen to its lowest rate since July 2008 even though growth is cooling in the face of headwinds like the U.S.-China trade war and uncertainty related to Britain’s departure from the European Union.
The European Union’s statistics agency, Eurostat, said Friday that the jobless rate across the single currency bloc fell in October to 7.5% from 7.6% the previous month. Over the month, the number of people out of work fell by 31,000 to 12.33 million.
Unemployment has been decreasing steadily in the eurozone for the past few years as the region recovered from a financial crisis and fears over Greece’s future in the euro abated.
Disparities between countries remain, though they are not as huge as they were in the midst of the region’s debt crisis. While unemployment has remained super-low in Germany, at 3.1%, it has fallen sharply during the past few years in Spain and Greece. Both had been struggling under jobless rates of over 25% at one point. Now, their unemployment rates stand at 14.2% and 16.7%, respectively.
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