By Xavier Fontdegloria
The eurozone jobless rate was stable in November at its record low, highlighting resilience in the labor market despite slowing economic growth.
The eurozone unemployment rate stood at 6.5% in November, unchanged from October, data from the European Union’s statistics agency Eurostat showed Monday. This is the lowest level of the historical series, which dates back to 1998.
The reading is in line with economists’ forecasts in a poll by The Wall Street Journal.
The number of unemployed people was 10.97 million in November, also broadly unchanged from October, the statistics agency said.
Eurozone unemployment is expected to increase slightly in the first half of 2023 as the economy falls into recession, economists say. The jobless rate is expected to increase to 7.0% in mid-2023, according to a consensus provided by FactSet.
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