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Eurozone Unemployment Rate Falls to Record Low, PMI in the UK Declines

The unemployment rate in the eurozone fell to a record low in December. This indicates a good economic recovery as well as continued demand for labor despite the pandemic.

According to the Statistical Office of the European Union, the unemployment rate in the 19 countries of the eurozone fell from 7.1% in November to 7.0%. This was the lowest rate since the introduction of the euro in 1999.

According to Eurostat, the number of unemployed people in the eurozone was 11.481 million in December, 185,000 lesser than in November.

In the United Kingdom, the Manufacturing PMI fell in January.

The CIPS UK Manufacturing PMI fell to 57.3 in January from 57.9 in December.

Nevertheless, the manufacturing PMI was above the expectations of analysts, who predicted a drop to 56.9. Values above 50 signal a positive business development of manufacturing businesses on a monthly basis, while a fall below 50 indicates a negative business development.

With the Manufacturing PMI remaining above 50, indicating that the UK manufacturing sector continued to expand for the 20th month.

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