The unemployment rate in Euro area declined slightly in February, the lowest level since 2011 as more simulations boost the economy growth slowly.
The seasonally adjusted unemployment rate dropped slightly to 10.3 percent in February, down form 10.4 percent in January, according to the data from the European Union’s statistics service Eurostat. The rate is also lower than the 11.2 percent unemployment a year earlier.
The unemployment figures for 19-country improved slightly, however, the figures for each individual country vary greatly. Germany and the Czech Republic had the lowest unemployment rates of 4.3 percent and 4.5 percent respectively. The highest unemployment rates were recorded in Greece and Spain, 24 percent and 20.4 percent respectively.
Only four Member states get worse in February. The rate increased from 5.4 percent to 6 percent in Austria, from 9.7 percent to 10.1 percent in Latvia and from 9.1 percent to 9.2 percent in Finland. The rate remained stable in Belgium. The largest drops were recorded in Cyprus (from 16.6% to 12.6%), Spain (from 23.2% to 20.4%), and Bulgaria (from 9.8% to 7.4%).
“I see this number as a movement sideways,” said Aline Schuiling, senior economist at ABN Amro Bank NV in Amsterdam. “This is a reflection of what is happening in the economy. Growth has clearly weakened in the second half of last year and the first quarter of this year will also probably be a bit weaker.”
The unemployment rate is still very high in Euro Zone. It has been above 10 percent for more than six years. In other words, one in 10 people are still without work now.
The European Central Bank announced last month a surprise package of measures to expand stimulus, including interest-rate cuts, more bond purchases and providing new loans to banks, aiming to bolster the weak European economy.