Release Explanation: Measures the number of jobs created, or the percentage of employed/unemployed in the labor market. Over time the Employment Data will affect all economic releases, it does however take time for labor trends to form.
Trade Desk Thoughts: The unemployment rate in the Euro-area continues to rise. The latest release, for the month of January, shows that the unemployment rate reached 8.2%, more than was expected.
The unemployment rate for the month of December was revised higher, to 8.1%. About 13.036 million persons were unemployed in the Euro-area, up by 256K from one month earlier. From one year ago, the unemployment rate rose by 0.9%, or 1.641 million persons.
Among the member states, the highest unemployment rate was observed in Spain, at 14.8%. The biggest monthly gain was seen in Latvia, 1.7% in the last month alone, after last month the Latvian unemployment rate rose 1.3%.
This release also includes the data for Slovakia, which as of January 2008, is a member of the Euro-area.
Forex Technical Reaction: The euro had little reaction to the news release. Since the new trading day started, the pair fell 80 pips and is currently trading just below TheLFB S1 (1.2775).