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Eurozone Unemployment Rate Lowest Since September 2008

Eurozone's unemployment rate dropped in March to its lowest level in more than a decade, preliminary data from the statistical office Eurostat showed on Tuesday.

The jobless rate fell to 7.7 percent from 7.8 percent seen in each of the previous two months. Economists had expected the rate to remain steady in March.

This is the lowest rate recorded in the euro area since September 2008, the Eurostat said.

Among euro area countries, Germany and the Netherlands recorded the lowest jobless rates, while the highest were seen in Greece, Spain and Italy.

The number of unemployed in Eurozone was 12.63 million in March, down by 174,000 persons from the previous month and by 1.172 million from a year ago.

Unemployment among those under 25 was 2.32 million in the euro area, down 150,000 from last year. The youth jobless rate fell to 16 percent from 17.4 percent.

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