Eurozone Jobless Rate Falls to 10.3% in January 2016

Eurozone unemployment rate fell for a third consecutive month in January, dropping to its lowest rate since August 2011.

The jobless rate in the 19-country eurozone declined to 10.3% in January from 10.4% in December, according to Eurostat’s latest figures.

The number of people unemployed in the eurozone fell by 105,000 to 16.65 million.

The eurozone’s jobless rate hit a high of 12.1% during the first half of 2013.

In the 28 member European Union the unemployment rate fell to 8.9%. That was down from 9% in December and the lowest rate recorded since May 2009.

The lowest unemployment rate in the eurozone was in Germany at 4.3%, while the highest rates were in Spain, at 20.5%, and Greece, at 24.6%.

On February 29, separate figures showed that the eurozone fell back into deflation in February.

The latest inflation figures from the EU’s statistical agency estimated that consumer prices across the region were 0.2% lower last month than a year earlier.

The return of deflation is seen as increasing the likelihood that the European Central Bank (ECB) will announce more stimulus measures at its meeting next month.