Eurozone Unemployment Falls To Near 8-year Low

BRUSSELS, April 3, (APP - UrduPoint / Pakistan Point News - 03rd Apr, 2017 ) - Unemployment in the eurozone fell in February to its lowest level since May 2009 as a hiring spree took hold despite uncertainty over Brexit, EU figures showed Monday.

The Eurostat statistics agency said the jobless rate in the 19-nation single Currency area fell to 9.5 percent, with sustained drops in Spain and Portugal also a factor. During the worst of the debt crisis that ravaged mainly the southern countries in the eurozone, unemployment peaked at 12.1 percent.

In total, the number of eurozone unemployed has come down by almost four million from a peak of 19.3 million in April 2013. Data firm Markit meanwhile reported that factory orders in the eurozone were fueling the recovery in jobs.

In its closely watched survey, Markit said the eurozone manufacturing PMI hit 56.2 points in March, up from 55.4 in February, the fastest growth in six years. "The upturn is broad-based with one exception.

Greece is suffering an increased rate of contraction of its manufacturing economy, with exports dropping sharply again in March," said Chris Williamson of IHS Markit. The PMI measures companies' readiness to spend on their business and so gives a good idea of how the underlying economy is performing. Any reading above the boom-bust 50 points line indicates the economy is expanding.