| Consensus | Actual | Previous | Revised | |
|---|---|---|---|---|
| Rate | 6.7% | 6.6% | 6.7% | 6.6% |
Highlights
The Eurozone labour market was surprisingly firm in mid-quarter. Joblessness declined 59,000 to 11.142 million following a sharply revised 54,000 drop in January. The latest fall was too small to reducer the unemployment rate which, at 6.6 percent, was unchanged from January's downwardly revised level and a tick below the market consensus. The latest rate also matches last October's record low.
Regionally, the steady overall rate masked declines in France (7.0 percent after 7.1 percent), and Spain (13.0 percent after 12.8 percent), and reflected more stable rates in Germany (2.9 percent) and Italy (8.0 percent).
The February update and associated revisions paint a notably more bullish picture of an already tight labour market, and this will be a concern for an ECB already worried by accelerating wages. The latest data put the Eurozone's ECDI at minus 2 and the ECDI-P at 3, both values indicating that overall economic activity is moving much as expected.
Regionally, the steady overall rate masked declines in France (7.0 percent after 7.1 percent), and Spain (13.0 percent after 12.8 percent), and reflected more stable rates in Germany (2.9 percent) and Italy (8.0 percent).
The February update and associated revisions paint a notably more bullish picture of an already tight labour market, and this will be a concern for an ECB already worried by accelerating wages. The latest data put the Eurozone's ECDI at minus 2 and the ECDI-P at 3, both values indicating that overall economic activity is moving much as expected.
Market Consensus Before Announcement
Consensus for February's unemployment rate is unchanged at 6.7 percent.
Definition
The unemployment rate measures the number of unemployed as a percentage of the labor force.
Description
Unemployment data are closely monitored by the financial markets. These data give a comprehensive report on the state of the economy and its future direction. A rising unemployment rate can be a warning sign of hard times while a low rate can be a warning of inflation as wages are bid up to attract labor.
Unemployment data are expressed in both a numerical value and as a percentage of the labor force. Generally, the definition of those unemployed follows that of the International Labour Organisation (ILO). It states that an unemployed person is one between the ages of 15 to 74 years of age who was not employed during the reference week, had actively sought work during the past four weeks and was ready to begin working immediately or within two weeks. The unemployment rate is the percentage of unemployed persons over the total number of active persons in the labor market. Active persons are those who are either employed or unemployed.
Eurostat provides an unemployment rate for each EU country as well as for the EMU and EU as a whole. It should be noted that the unemployment rate for a country will frequently differ with that reported by the national statistics agency. That is because of the varying interpretations of the ILO definition by member states and Eurostat.
Unemployment data are expressed in both a numerical value and as a percentage of the labor force. Generally, the definition of those unemployed follows that of the International Labour Organisation (ILO). It states that an unemployed person is one between the ages of 15 to 74 years of age who was not employed during the reference week, had actively sought work during the past four weeks and was ready to begin working immediately or within two weeks. The unemployment rate is the percentage of unemployed persons over the total number of active persons in the labor market. Active persons are those who are either employed or unemployed.
Eurostat provides an unemployment rate for each EU country as well as for the EMU and EU as a whole. It should be noted that the unemployment rate for a country will frequently differ with that reported by the national statistics agency. That is because of the varying interpretations of the ILO definition by member states and Eurostat.
