EUROZONE: MCKINSEY report notes that unemployment in Eurozone drops to a ten year low

Notable in this month’s release of McKinsey’s Global Economics Intelligence (GEI) report is the unemployment rate in the euro area of 7.9 percent for November 2018, the lowest level since 2008. The seasonally adjusted index, maintained by Eurostat, held steady in December.¹ Joblessness has fallen by more than one-third sincSeptember 2013, when the index was at 12 percent. The improvement has been slow but steady since that time—a point regarded as the nadir of Europe’s recession within a recession in the early 2010s. And in the wider European Union (EU-28), which includes high-employment countries such as Hungary, Poland, and the United Kingdom, the unemployment rate is even lower, at 6.6 percent, the lowest EU reading since recording began in January 2000.

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