October 2016 Eurozone unemployment rate 9.8% vs 10.0% exp

October 2016 Eurozone unemployment rate 1 December 2016

• Prior 10.0%. Revised to 9.9%

• EU28 states 8.3% vs 8.4% prior

Wow, the lowest for 7 years. It's also the first drop below 10% since 2011. Good news on the face of it but when you dig beneath the surface, the numbers in the major countries don't make good reading.

• Spain 19.2%

• Italy 11.6%

• France 9.7%

Only Germany has a respective level at 4.1%. Still, lower is lower and the ECB will be readying another pat on the back for themselves when they claim QE has helped lower unemployment.

Eurozone unemployment