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Dutch Jobless Rate Drops In October, Spending Continue To Shrink

11/21/2013 4:09 AM ET

Unemployment in the Netherlands dropped in October, while household spending continued to decline in September, data released by the Central Bureau of Statistics showed on Thursday.

The seasonally adjusted jobless rate fell to 8.5 percent from 8.6 percent seen in August and September. Economists had expected the rate to return to July's two-year high of 8.7 percent.

The October jobless rate is the lowest in five months. A year ago, the unemployment rate was 6.8 percent.

The number of unemployed eased to 674,000 from 685,000 in the previous month. In the same month last year, the total was 536,000. The latest figure is the lowest since May.

Among the youth, who are those in the 15-24 age group, unemployment fell to 137,000 from 140,000. In the same month last year, the figure was 115,000.

On an unadjusted basis, the jobless total was 662,000 in October, down from 670,000 in the previous month.

The ILO unemployment rate for the Netherlands was 7 percent in October, unchanged from the previous month, the agency said.

Separately, the CBS reported that household spending declined 2.1 percent year-on-year in September, following a 2 percent fall in August.

Spending on durables shrunk 6.1 percent, while consumption of food and beverages dropped 3.1 percent.

In the third quarter, consumer spending dropped 2.1 percent annually, same as in the previous three months.

by RTT Staff Writer

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