Intermoney | The unemployment rate rose by one tenth of a percentage point in August to 6.3% across the Eurozone as a whole. We could have guessed this once we saw the data, which was somewhat unfavourable and showed an increase of 14,000 in the number of unemployed. At the aggregate level for the eurozone, this increase was 11,000, offset by other more moderate readings. However, we continue to see that tension in the labour market is gradually easing, especially when we consider that employment expectations have weakened.
For example, we are aware that in September, the European Commission’s employment expectations index fell to its lowest level since 2021. This fact is being highlighted in business surveys, with employers in the services sector showing less appetite for labour, while in the secondary sector, lower external demand may delay the recovery in the sector and, therefore, in employment.
