Euro Area Unemployment Rate Declined in October

First Decline in Nearly Three Years

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Dec 12, 2013, 10:00 ET

NEW YORK, Dec. 12, 2013 /PRNewswire/ -- Employment rose in most major European economies during the month of October, according to unemployment rates and employment growth data compiled and standardized by The Conference Board International Labor Comparisons (ILC) program.

The unemployment rate remained stable or decreased in all European economies compared. The decline in unemployment was the largest in Sweden (-0.1 percentage points) and France (-0.2 percentage points). In France, which reached record unemployment in September, the October decline was the first since March 2011.

"In the Euro Area, the unemployment rate for October declined for the first time since February 2011," said Elizabeth Crofoot, Senior Economist with the International Labor Comparisons program at The Conference Board. "After two quarters of mild economic recovery in the Euro Area, member countries may finally be reaching a turning point in unemployment."

The unemployment rate increased in Japan and the U.S. in October. The fall in U.S. employment – largely due to household jobs reporting during the government shutdown – was the largest since December 2009. Employment in Canada and Australia remained stable.

About Adjusted Employment Data and International Labor Comparisons (ILC)
Governments vary in the methods and definitions used to calculate labor force statistics. To facilitate comparison across countries, The Conference Board adjusts unemployment rates and employment indexes to match U.S. concepts. A monthly report compiles adjusted data for ten countries, alongside unadjusted unemployment rates from ten additional economies in Europe. All data is seasonally adjusted; employment indexes are benchmarked to January 2007 (= 100).

The data is published as part of The Conference Board International Labor Comparisons program. Formerly a division of the U.S. Bureau of Labor Statistics, ILC is dedicated to producing economic indicators that optimize research, comparison, and planning in a global context.

For more information about The Conference Board ILC program:
www.conference-board.org/ilcprogram

For the associated report, tables, and technical notes, see International Unemployment Rates and Employment Indexes, Seasonally Adjusted.

About The Conference Board
The Conference Board is an independent business membership and research association working in the public interest. Our mission is unique: To provide the world's leading organizations with the practical knowledge they need to improve their performance and better serve society. The Conference Board is a non-advocacy, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. www.conference-board.org.

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