"The figures remind us that a robust economic recovery is not yet a reality. We still have 26.5 million Europeans jobless, with 5.5 million of them under the age of 25."
- Laszlo Andor, EU's employment commissioner
Another sign of stabilization in Europe appeared on Tuesday, as official data showed the unemployment rate stalled in August, suggesting brighter prospects for the economy. European statistics office, Eurostat, said the overall unemployment rate stood at 12% in August, unchanged from the previous, and slightly down from the 12.1% peak registered in the summer. Analysts, however, expected a figure of 12.1%. Despite no deterioration in jobless rate, there were 5,000 less unemployed people, with total number of 19.18 million. In the broader European Union there are now 26.595 million people out of work. Among the member states, the lowest figure was recorded in Austria and Germany, with only 4.9% and 5.2%, respectively. On the other side of the spectrum, Greece posted the jobless rate of 27.9%.
The situation in the labour market is likely to improve in the foreseeable future, as both Ireland and Spain said their economies are shaking off the steep slowdown, even though the recovery tracks are still boggy. The divergence among the member states is likely to balance as well, despite current sharp misbalance. As the economy emerged from its longest-ever recession, and activity in all sectors is improving, businesses should step up on hiring, creating more working places across the region.
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