2020.01.3009:20:00UTC+00Eurozone Jobless Rate Lowest Since 2008

The euro area unemployment rate dropped to the lowest in more than a decade in December, data from Eurostat showed Thursday.

The unemployment rate fell to 7.4 percent in December from 7.5 percent in November. This was the lowest since May 2008. The rate was forecast to remain unchanged at 7.5 percent.

The number of people out of work decreased by 34,000 from the previous month to 12.251 million in December. Compared to last year, unemployment declined 592,000.

The youth unemployment rate came in at 15.3 percent in December, down from 15.4 percent in November.