EU unemployment rate down to 7.4 percent in October

By Ilker Girit

ISTANBUL

The unemployment rate in the European Union stood at 7.4 percent in October, down from 7.5 percent in September, the statistical office of the bloc said Thursday.

In October 2016, the rate was 8.3 percent, Eurostat said.

The eurozone unemployment rate fell to 8.8 percent in October, from 8.9 percent in September. A year ago, the rate was 9.8 percent.

"This is the lowest rate recorded in the euro area since January 2009," the statement released by Eurostat read.

"Eurostat estimates that 18.243 million men and women in the EU28, of whom 14.344 million [are] in the euro area, were unemployed in October 2017.

"Compared with September 2017, the number of persons unemployed decreased by 111,000 in the EU28 and by 88,000 in the euro area," Eurostat added.

Among the member states, the highest unemployment rates in October this year were recorded in Greece (20.6 percent in August 2017) and Spain (16.7 percent).

The lowest unemployment rates were observed in the Czech Republic (2.7 percent), Malta (3.5 percent) and Germany (3.6 percent).

The euro area consists of 19 EU member states using the single currency.