Eurozone unemployment rate declines to 5-year low in September, in line with consensus

The unemployment rate of eurozone declined to 1 5-year low during the month of September, remaining in line with consensus and boosting hopes for a modest strengthening of the recovery as 2016 draws to a close.

Italy's unemployment rate rose to the highest level in seven months in September, after remaining stable in the previous month, preliminary figures from the statistical office Istat showed Thursday. The jobless rate climbed to 11.7 percent in September from 11.5 percent in August. In the corresponding month last year, the rate was 11.4 percent.

The latest unemployment rate was the highest since February, when it marked the same 11.7 percent. There were 3.0 million unemployed people in September, which was 2.0 percent higher than in August.

The youth unemployment rate, which applies to the 15 to 24 age group, dropped to 37.1 percent in September from 38.3 percent a month ago. The employment rate came in at 57.5 percent in September, up slightly from 57.4 percent in the preceding month.

Meanwhile, the slow pace of the recovery is both a cause and a reflection of high unemployment. Despite some changes to the law in Spain and other eurozone members, labor laws across the currency area protect older workers and make it expensive to hire younger workers.