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06 Apr 2021 | 10:23

Eurozone unemployment rate steady in February

(Sharecast News) - The eurozone unemployment rate remained stable in February, according to figures released on Tuesday by Eurostat. The unemployment rate was stable compared to January at 8.3%, coming in a touch higher than expectations of 8.1%. It was up from 7.3% in February 2020.

Meanwhile, the unemployment rate for the EU was also stable on the month in February, at 7.5%, and up from 6.5% in the same month last year.

ING said the resilience in the labour market remains strong but continues to be driven by furlough schemes.

"Unemployment is only modestly above pre-crisis levels, but negotiated wage growth has fallen below 2019 averages," said economist Bert Colijn.

"This shows that the policy focus on job retention has not caused structural labour market tightness and that medium-term inflation pressures from the labour market have not increased but fallen. A quick labour market recovery could cause pressures to return, but that is not our base case for the months ahead."
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