Eurozone Unemployment Rate at the lowest level since August 2011

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Tuesday, Mar 01 2016

The euro area (EA19) seasonally-adjusted unemployment rate was 10.3% in January 2016, down from 10.4% in December 2015, and from 11.3% in January 2015. No change was forecasted. This is the lowest rate recorded in the euro area since August 2011. The EU28 unemployment rate was 8.9% in January 2016, down from 9.0% in December 2015, and from 9.8% in January 2015. This is the lowest rate recorded in the EU28 since May 2009.

Earlier today, German joblessness fell for a fifth month in February in a sign that economic momentum will continue to be underpinned by household spending. The number of people out of work declined by a seasonally adjusted 10,000 to 2.72 million, data from the Federal Labor Agency in Nuremberg showed on Tuesday. That matched the median estimate of economists. The jobless rate was unchanged at 6.2%, the lowest level since German reunification.

Euro is currently being traded few points above 1.0860 level. Pair is likely to find support around 1.08 handle and resistance above 1.0950 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « UK Manufacturing PMI declined more than expected Australian GDP grew by 0.6% in Q4 »

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