Unemployment across 19-country eurozone falls to near 4-year low in October

BRUSSELS – Further evidence has emerged that the recovery across the 19-country eurozone economy is helping to reduce unemployment, which according to official figures has fallen to a near four-year low.

Figures released Tuesday by the European Union’s statistics agency show the unemployment rate across the region fell in October to 10.7 per cent from 10.8 per cent the previous month, after a 13,000 decline in the number out of work to 17.24 million.

The unemployment rate, which has fallen by 0.8 percentage point over the year, is now at its lowest level since January 2012.

The decline is not expected to prevent the European Central Bank from injecting another dose of stimulus into the eurozone economy following its regular policy meeting on Thursday.

The overall rate also masks big disparities across the region.