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Euro zone unemployment goes down to the lowest value since December 2008
In January, euro zone unemployment went down to its lowest value for more than nine years, due to strong economic surge, as official estimates uncovered on Thursday. However, huge differences in jobless rates were still among the 19 members of the European Union.
As the EU’s statistics office Eurostat informed, in the euro zone the unemployment rate accounted for 8.6% in January.
Eurostat updated down to 8.6% its data for December versus a previously assessed 8.7%. Additionally, it told that the January's outcome turned to be the lowest result demonstrated in the euro zone since December 2008.
The overall number of unemployed inched down to 14.111 million folks in January versus December’s outcome of 14.121 million.
In January 2017, the unemployment rate accounted for 9.6%. To put that another way it meant that up to 15.540 million folks didn’t have jobs.
The steady slide of unemployment in the euro zone actually coincides with a sturdy economic revival that demonstrated its fastest tempo for a decade in 2017.
However, the drop of jobless hasn’t been evenly distributed across the European Union.
For example, in the euro zone’s number three economy, in Italy, the overall unemployment rate tacked on to 11.1% in January versus December’s outcome of 10.9%. That’s undoubtedly a poor outcome several days before Italy holds a general election.
Meanwhile, in the bloc's number four economy, in Spain, in January the jobless rate moderately dived to 16.3% percent. At the same time in Germany it was intact, sticking to 3.6%. As for France, this European country it was intact too, showing 9%.
However, greater differences were observed in youth unemployment, with approximately one youth unemployed out of three in Spain as well as Italy, versus 6.6% in Germany.
The Canadian central bank will make a monetary policy report and announce interest rates on Wednesday, January 20, at 17:00 MT time. Also, the BOC press conference will be held later.
USD’s rally takes a pause, while riskier assets are modestly rising.
S&P 500 skyrocketed to the all-time high on optimism that Biden’s fiscal stimulus will support economic growth and boost corporate earnings.
PMI reports from the EU, the UK, and the USA will be released during the day!
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.