Jan 10, 2023 - Economy & Business
Eurozone unemployment at record low
Despite the economic shock brought on by Russia's war on Ukraine, unemployment on the continent remains at a historic low.
Driving the news: The unemployment rate for the 20 nations sharing the euro remained at 6.5% in November, the same as the previous month.
- The jobless rate is the lowest for the eurozone on record, going back to 1998.
- And European stocks are on a tear. They're up more than 5% in 2023, better than the roughly 1.4% gain for the S&P.
The intrigue: The numbers defy expectations for a sharp downturn on the continent among economists, who have expected that surging prices for natural gas and other fuels would take a huge toll on the economy.
- Yes, but: The November numbers are a lagging indicator. Some more leading indicators — such as recent surveys of businesses in Germany, Europe's largest economy — suggest a downturn is still in the cards.