Free Trial

Unemployment at Fresh Record Low

EUROZONE DATA
MNI (London)

EUROZONE MAR UNEMPLOYMENT RATE 6.5% (FCST 6.6%); FEB 6.6%

  • Eurozone unemployment edged down by 0.1pp to 6.5% in March, implying a new low for the bloc.
  • This is 0.3pp below March 2022 levels and 1.1pp below pre-pandemic February 2020 levels.
  • Today's unemployment data signals continued labour-market resilience, despite softening growth outlooks and persistently high core inflation. Low unemployment is in line with the ECB's macroeconomic projections, which see unemployment holding at around 6.6% throughout the projection horizon, assisted by ongoing labour supply shortages.
  • The ECB is set to hike its key policy rates by 25bp at tomorrow's meeting, yet is unlikely to provide explicit forward guidance at this juncture, though will likely nod to further tightening being likely in the baseline scenario. See MNI's comprehensive preview of the ECB meeting here.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.