What you need to know about the latest jobs report
Updated February 13, 2019 11:25:58With a global economy already in the midst of a global economic downturn, the latest unemployment figures have already brought to the fore the looming prospect of a further global recession.
The latest figures released on Friday revealed that the unemployment rate in the eurozone remained at 6.5 percent in January, a sharp drop from its record high of 9.3 percent recorded in December.
In the US, the unemployment figures for February showed that the rate rose to 7.6 percent, up from 6.7 percent recorded the previous month.
However, the number of jobs in the US increased by a mere 0.3 million in January compared to January 2018, meaning that US workers have only gained 1,700 jobs.
Meanwhile, the UK unemployment rate remained at 8.6 per cent, up slightly from 8.4 per cent recorded in February.
The eurozone unemployment figures were a surprise.
In December, the figures showed that unemployment had risen to an all-time high of 11.4 percent in the region, up by more than 4 million jobs since the start of the year.
The rate was down by more 0.4 million in February compared to the previous year.
European Union governments have been working on a series of measures to help ease the burden of job losses, including the adoption of a European-wide minimum wage, the introduction of a ‘living wage’, and a national minimum wage.