Global headwinds cause the post-pandemic recovery to stall down as unemployment in the Eurozone reaches a record low.

Unemployment levels in the eurozone reached a record low of 6.5% in October, marking the lowest since Eurostat began tracking unemployment rates in April 1998.

This indicates that the 19 EU nations that use the Euro have recovered economically from the Covid pandemic.

In October, 12.95 million, or 6% of the working-age population in the 27-nation European Union, were reported to be unemployed, with 10.87 million living in the eurozone. The European Commission predicts that the eurozone will enter a recession in the next weeks.

Inflation remains high at 10%, more than the ECB’s goal rate of 2%, partly due to rising energy prices sparked by Russia’s war in Ukraine. Business activity has been dropping for five months in a row, but the rate of decline moderated in November.

Young people had the highest unemployment rates in the EU and its eurozone, at 15.1% and 15.0%, respectively.

Germany, the largest economy in the eurozone, had an unemployment rate of 3.0%, down from 3.3% in October 2021.