Here’s some really good news for the European economy

October 30, 2015, 5:04 PM UTC
Spanish Employment Center As Worst Of Europe's Debt Crisis Ended
Jobseekers queue to enter an employment center before opening in Madrid, Spain, on Wednesday, Jan. 22, 2014. The worst of Europe's debt crisis is over in the eyes of most international investors, a shift in sentiment reflected by increased demand for the region's financial assets. Photographer: Antonio Heredia/Bloomberg via Getty Images
Photograph by Antonio Heredia — Bloomberg via Getty Images

Unemployment in the eurozone hit an almost-four-year low in September, dipping to 10.8%. That figure—down 0.1% from the previous month, and 0.7% from the previous year—is the area’s lowest unemployment rate since January 2012, according to Eurostat.

On the whole, the eurozone’s unemployment rates are improving: 23 member states saw unemployment decrease in the past year, and only four recorded an increase. This quarter was especially promising: the third quarter unemployment decline ending September was the largest quarterly drop since 2007, according to the Chief European and UK Economist at IHS.

Greece and Spain had the highest unemployment rates in the eurozone, at 25% and 21.6%, respectively. However, Spain’s unemployment rate is better than last year’s figure of 24%. Germany, the Czech Republic, and Malta boasted the lowest unemployment rates of 4.5%, 4.8%, and 5.1%, respectively.

Youth unemployment across the eurozone is improving as well, although much slower than unemployment in the general population. In September 2015, youth unemployment dipped to 22.1%, compared to 23.4% a year previously.