Eurozone unemployment hits lowest level since 2011

The unemployment rate in the Eurozone fell to its lowest level in November since October 2011, according to figures released by Eurostat.

The unemployment rate dropped to 10.5% from 10.6% in October and 11.5% in the same month of 2014, beating economists’ expectations for a rate of 10.7%.

Meanwhile, the number of unemployed fell by 130,000 in November to 16.9m.

"At 10.5%, Eurozone unemployment is still well above that in the US or UK but the trend continues to head in the right direction," said SpreadCo analyst David Morrison.

"Put this together with the better manufacturing and services PMIs from earlier in the week and it looks as if the ECB will soon be crowing about the success of their monetary policy."