Eurozone jobless rate 9.1％ in August, lowest since February 2009

The unemployment rate across the Eurozone remained unchanged at 9.1% in August, the lowest level recorded in the single currency area since February 2009, official data has shown.

In the wider 28-country European Union (EU), the unemployment rate was 7.6% in August, down from 7.7% in July, said Eurostat, the bloc's statistics agency.

Compared with the previous month, the number of unemployed people decreased by 104,000 in the EU and by 42,000 across the Eurozone, Eurostat added.

There were disparities among member states, with the Czech Republic recording the lowest rate of 2.9% in August, followed by the bloc's powerhouse Germany at 3.6%, while debt-torn Greece posted the highest figure of 21.2%.

The August reading was disappointing for some as it came in slightly higher than the forecast drop to 9%, said a researcher at Capital Economics.

"Looking ahead, the Eurozone unemployment rate is likely to start falling again soon and this should put upward pressure on wages," said Jack Allen, European economist at the firm.

August's labor market data will not deter the European Central Bank from announcing later this month that it will taper its asset purchases next year, said Allen, adding that the only gradual recovery in the labor market suggested that the Bank will wait for a long time before tightening policy with higher interest rates.

(ASIA PACIFIC DAILY)