Eurozone unemployment rate slides to nine-year low

Jan 09, 2018, 7:04 AM EST

The unemployment rate in the European Union dropped to a nine-year low of 7.3% while the euro-area jobless rate slid to 8.7% in November, reflecting a continuing job recovery across Europe after the recession jolt it suffered in 2009.

The falling unemployment rate should come as a pleasant development for the European Central Bank, which credits the figures to its stimulus policies that involved slashing interest rates and injecting trillions of euros into the economy, writes The Guardian.

The statistics, however, shouldn’t overshadow the fact that there are still 18.116 million men and women unemployed in the E.U.