Eurozone enjoys lowest unemployment in five years

euromillionsThe eurozone unemployment rate remained at 10.1% in July where it has been since at least April this year, according to EU agency Eurostat.

But it has reduced steadily from 10.8% in July last year and is at its lowest since July 2011.

Portugal’s level of 11.1% in July was just slightly higher than the eurozone average. This is a welcome drop from the 12.3% rate recorded in July 2015.

The country has slipped down the league table of high unemployment to fifth position. Nevertheless, more than half a million Portuguese (567,000) have no jobs. Slightly more than half of these were women.

The problem remains acute predominately in Greece and Spain, which registered 23.5% and 19.6% respectively. But the rates in both countries have eroded over the course of the year from 25% and 22%.

Cyprus (11.6%) and Italy (11.4%) are now struggling with rates slightly above those in Portugal.

France with 10.3% trailed immediately behind Portugal.

Too many young people are being left without decent prospects, although the euro area percentage has come down over the year to an average of 21%.

The welcome drop still leaves nearly 3 million people aged under 25 without jobs in the single bloc.

By this July in Portugal, the rate had slipped gradually from 31.2% to 26.3%. This translates to 97,000 jobless young people.

The lowest unemployment rates were recorded in Malta (4%), Germany (4.2%). The UK reported a rate of 5%, virtually on par with the 4.9% in the US.