The eurozone unemployment rate stabilized in August, a sign of a resilient labor market even as an economic recession looms. The eurozone jobless rate remained unchanged at 6.6% in August, according to data from the European Union’s statistics agency Eurostat released Friday. The reading matched economists’ consensus forecast in a poll by The Wall Street Journal.
The number of unemployed people fell by 30,000 in August to 10.97 million, the statistics agency said. The youth unemployment rate–among people under 25–fell to 13.9% in August from 14.0% in July, Eurostat said. The eurozone unemployment rate stands at a record-low level. Economists expect joblessness to increase as the region’s economy falls into a recession around year-end, but any rise in unemployment is likely to be modest. Write to Maria Martinez at email@example.com