The unemployment rate in the euro area reached a record low in November despite the significant economic downturn, according to data from Eurostat. The jobless rate slightly decreased to 6.4 percent from 6.5 percent in October. During the same period last year, the unemployment rate was 6.7 percent. Projections anticipated the rate to remain steady at 6.5 percent.

Estimates from the statistical office suggest the total number of unemployed individuals dropped by 99,000 to 10.970 million in November. Year-on-year, unemployment has fallen by 282,000. Young people aged below 25 also observed a decrease in unemployment, with 54,000 fewer unemployed month-on-month, bringing the total to 2.321 million in November. The rate for youth unemployment declined to 14.5 percent from 14.8 percent in October. Overall, the EU unemployment rate dipped to 5.9 percent in November from 6.0 percent in October.

In separate data, the European Commission introduced a new Labour Hoarding Indicator. This figure for the EU saw little change, standing at 10.5 percent and slightly above its long-term average of 9.7 percent. Furthermore, the latest Purchasing Managers’ survey from S&P Global showed continued contraction in the euro area private sector in December.