Great Recession in Europe

Eurozone unemployment falls to 10-year low

Unemployment in the eurozone unexpectedly fell in November to its lowest rate in more than 10 years, official estimates released on Wednesday showed.

The EU statistics office Eurostat said unemployment in the 19-country currency bloc dropped to 7.9 percent in November, the lowest level since October 2008, and below economists' forecasts of an 8.1 percent rate.

Eurozone Unemployment Fell to 10-year Low in November

Unemployment in the eurozone fell in November, data showed on Wednesday, as joblessness in Europe neared pre-crisis levels, reports AFP. 

Eurostat said the jobless rate in the single currency area fell to 7.9 percent in November, a 10-year low and down from a revised 8.0 percent for the previous month.

Italy Passes Revised Budget After EU Compromise

The 2019 budget agreement reached between Italy and the EU is likely to ease market concerns. Rome and Brussels had gone head-to-head since October over the original high-spending fiscal plan, reported DW. 

Italian lawmakers on Saturday passed the government's 2019 budget, soothing market angst after Rome reached a compromise with the European Commission last week.

Greek workers suffered highest real-wage fall in Europe last year

Real wages in Greece fell 3.5 percent in 2017 after a 1.3 percent increase in 2016, making it the largest decline in Europe last year, according to data released by the International Labor Organisation (ILO) on Tuesday.

This was also the largest decline in Greek real wages since a whopping 9.3 percent drop in 2013.