Eurozone unemployment falls to 11.1% in April, hits 3-year low

Kelvin Ching Updated onJune 3, 2015

eurozone unemployment falls to 11 1 in april hits 3 year low 112481

Good news! Europe is getting back to work.

Unemployment in the eurozone fell to 11.1% in April, the lowest it has been in three years, according to official data.

The number of unemployed in the euro area has been falling by 100,000 a month on average so far this year.

“That is double the pace of decline previously estimated, cutting the time it would take to reduce unemployment back to pre-crisis levels … by half to about five years,” said Christian Schulz, senior economist at Berenberg bank.

Eurozone unemployment has been falling since 2013 but more than 17.8 million people are still without a job, compared to 12 million in 2008.

Countries hardest hit by the crisis are driving the turnaround. Spanish unemployment fell sharply to 22.7%, down from a peak of 26.3% in 2013.

Spain’s economy is charging ahead, growing at one of the fastest rates in Europe.

Portugal, Ireland and Cyprus also reported significant falls in unemployment in April.

Kelvin Ching

I'm a professional Forex trader and I have been trading for over 7 years. I was a series 3 broker and a registered CTA with the NFA, the main regulatory agency in the United States, and I have been involved at the highest levels in commodity trading. I also have a background in Information Technology, graphics design, and programming... I'm the co-founder of CurrencyNewsTrading.com, a site dedicated to fundamental analysis and news trading.