| Euro area unemployment rate stable at 10.3% in November |
| 06.01.12 13:33 | |
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The euro area unemployment rate was stable at 10.3% in November, in line with our and consensus expectations. This flat release came after two consecutive 0.1pp upticks in the unemployment rate. Since April 2011, the euro area unemployment rate has thus edged up by four tenths and stands only one tenth below 10.2%, its last cyclical peak in June 2010. As a result, the series is on track with our expectation of a 0.2pp increase in the euro area unemployment rate in Q4 to 10.3% from 10.1% in Q3. Moreover, the EC survey hiring intentions report published this morning highlights that developments in our labour market leading indicator are rather worrying, which bodes ill for our euro area hiring intentions index. From this point of view, further weakness is likely. source: BarCap |
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