Eurozone jobless rate tops 10 percent
Baku, October 29 (AZERTAC).Unemployment in the eurozone edged up in September, defying hopes that rapid economic growth in the previous months would translate into a swift recovery for the labour market.
The jobless rate in the 16-member currency bloc reached 10.1 per cent, its highest level since the creation of the single currency in 1999, according to seasonally-adjusted data released by the European Union`s statistical arm.
The August rate was revised down to 10 per cent, the same level seen since March.
Policymakers had hoped that a spurt in the eurozone`s economy in the second quarter -- when gross domestic product rose 1 per cent -- would be enough to reverse the unemployment trend.
US unemployment by comparison currently stands at 9.6 per cent, 7.7 per cent in the UK and 5.1 per cent in Japan, using the same methodology.
The overall eurozone figure masks sharp divergences between the jobless levels seen in different member states, ranging from 4.4 per cent and falling in the Netherlands, to 20.8 per cent in Spain.
The jobs data were released alongside inflation figures which showed consumer prices in the eurozone by 1.9 per cent in October, compared to the previous year, up from 1.8 per cent in September.
"Inflation has accelerated sharply from levels of around 1 per cent at the start of the year, but this is entirely due to rising food and energy price inflation," said Nick Kounis, head of macroeconomic research at ABN Amro.
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