Moody's Analytics: We Maintain Our Belief in a Declining Trend for Unemployment in the Eurozone

Forex - Moody's Analytics economist Kamil Kovar stated that the Eurozone unemployment data challenges skeptics once again, confirming that the decline to 6.3% during the summer months was not a coincidence. According to the data released today, the unemployment rate remained at a record low of 6.3% in October, the same level as in August and September. The downward trend in the unemployment rate reflects structural declines in unemployment in Southern Europe that offset increases in Germany and other countries. Kovar emphasized, "We continue to believe that the unemployment rate will show a trend not higher, but lower in the coming quarters."