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Euro area Employment Unchanged in Third Quarter

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Euro area Employment Unchanged in Third Quarter

Employment in the euro area was unchanged in the third quarter, as the region’s mild recovery has yet to extend its reach to the labour market.

Eurozone employment was unchanged from the previous quarter, according to official estimates from the European Commission. Employment decreased 0.8 percent compared to year-ago levels.

The pace of job creation varied greatly among member-states. Employment growth in Germany, Europe’s largest economy, was 0.2 percent in the third quarter, whereas France registered no change for the third consecutive quarter. Portugal and Ireland registered the strongest pace of job creation at 1.2 percent and 1.1 percent, respectively. Estonia registered the largest decline at 1.5 percent. Meanwhile, the employment situation in Cyprus and Greece continued to worsen at -1.4 percent and -0.7 percent, respectively.

In total, 145.0 million people were employed in the euro area in the third quarter. Job prospects blossomed in professional services and real estate, where employment grew 0.4 percent. Employment in industry, construction and agriculture declined 0.3 percent.

Eurozone unemployment fell from a record high of 12.2 percent to 12.1 percent in October, according to official data from the European Commission.

The 17-nation currency bloc overcame recession in the second quarter, when gross domestic product expanded 0.3 percent. Growth slowed to 0.1 percent in the third quarter, as the region continued to struggle with strong growth headwinds. Recent data have shown a widening gap between northern and southern countries, which is partly responsible for the region’s uneven recovery.

Despite these headwinds, the outlook on the euro area is improving. Although recovery remains fragile, the euro area economy will grow between 0.5 percent and 1.5 percent in 2014, according to the latest macroeconomic forecast from Moody’s.

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