Unemployment in the eurozone and across the EU dipped slightly in November from the previous month, the bloc’s statistical office reported Friday.
Euro-area joblessness stood at 8.3 percent, compared to 8.4 percent in October, while the EU-wide number was 7.5 percent, down from 7.6 percent a month before, Eurostat said.
But economists said the positive trend was largely owed to state support and does not account for the winter wave of coronavirus infections and accompanying lockdowns throughout Europe.
“With the second lockdown wave in full play and a looming wave of insolvencies, unemployment looks set to increase in 2021,” analysts from the Dutch bank ING said in a note about the data.
The underlying numbers showed large disparities between member countries. Spain was the worst off, with 16.4 percent unemployment in November, while the Czech rate was lowest at 2.9 percent.
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