Eurozone unemployment unexpectedly ticks lower in March

The unemployment rate in the Eurozone unexpectedly fell in March, according to the latest figures from Eurostat.

The Eurozone unemployment rate nudged down to 10.2% from 10.4% in February and 11.2% in the same month last year. This marked the lowest rate in the bloc since August 2011.

Economists had been expecting the rate to remain unchanged at 10.3%, which was what it was first estimated at for February.

Meanwhile, unemployment for the EU-28 group of countries edged down to 8.8% from 8.9% in February and 9.7% in March 2015, which was the lowest rate recorded since April 2009.

The lowest unemployment rates were recorded in the Czech Republic and Germany, at 4.1% and 4.2%, respectively, while Greece and Spain saw the highest rates.

Pantheon Macroeconomics said this was “a much welcome and surprising decline” in the Eurozone unemployment rate.

“Taken at face value, today’s data indicate that the cyclical recovery remains on track, lifted by domestic demand, and that the labour market continues to improve as a result.”