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Eurozone unemployment steady but retail sales rebound | Eurozone unemployment steady but retail sales rebound |
(35 minutes later) | |
The eurozone's unemployment rate remained stable at 12.1% in November, but retail sales in the area rebounded strongly, latest figures show. | The eurozone's unemployment rate remained stable at 12.1% in November, but retail sales in the area rebounded strongly, latest figures show. |
Some 19.2 million people were out of work in the 17 countries using the euro, according to the EU statistics office, Eurostat. | Some 19.2 million people were out of work in the 17 countries using the euro, according to the EU statistics office, Eurostat. |
But retail trade in the currency area went up by 1.4% month-on-month, the biggest rise since November 2001, led by booming sales of non-food products. | But retail trade in the currency area went up by 1.4% month-on-month, the biggest rise since November 2001, led by booming sales of non-food products. |
That came after a 0.4% fall in October. | That came after a 0.4% fall in October. |
The eurozone jobless rate has now been unchanged at its current record level for eight months in a row. | The eurozone jobless rate has now been unchanged at its current record level for eight months in a row. |
September's rate was originally given as 12.2%, but this was subsequently revised down. | September's rate was originally given as 12.2%, but this was subsequently revised down. |
Unemployment among the under-25s is twice as bad as for the population as a whole. It remained at 24.2% for the second month in a row. | Unemployment among the under-25s is twice as bad as for the population as a whole. It remained at 24.2% for the second month in a row. |
Within the overall jobless rate, there are huge disparities between individual countries. Greece has the worst rate, 27.4%, followed by Spain with 26.7%. | Within the overall jobless rate, there are huge disparities between individual countries. Greece has the worst rate, 27.4%, followed by Spain with 26.7%. |
At the other end of the scale, 4.8% of the Austrian workforce is out of a job, while Germany's unemployment rate is 5.2%. | At the other end of the scale, 4.8% of the Austrian workforce is out of a job, while Germany's unemployment rate is 5.2%. |
Sales boost | |
Across the eurozone, sales of non-food products, excluding car fuel, rose by 1.9% month-on-month. | |
The rise in retail sales was led by Portugal, which saw 3.1% growth. | |
The two biggest eurozone economies, Germany and France, registered increases of 1.5% and 2.1% respectively. | |
Howard Archer, chief UK and European economist at IHS Global Insight, described the two sets of figures as "a double dose of encouraging news for eurozone recovery prospects". | |
He said that "evidence of stabilising eurozone labour markets and November's jump in retail sales" would increase pressure on the European Central Bank to cut interest rates, especially with inflation below 1%. | |
But he added: "We expect the ECB to keep its refinancing rate at 0.25% through to 2015, although it is not inconceivable that it could trim it to 0.1% or even 0.0%." | |
The ECB holds its latest policy meeting on Thursday. | |
The latest Eurostat figures do not include Latvia, which was not yet in the eurozone when the figures were compiled. | |
It became the 18th member of the currency bloc at the start of this month. | |
Unemployment in the whole 28-nation EU, including non-eurozone countries, was stable at 10.9% in November for the seventh month in a row. | |
Retail sales across the entire EU went up by 1.2% month-on-month, after a 0.5% decrease in October. |
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