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People in the Euro Area Are Getting Back to Work, Fast

The scourge of joblessness is receding faster than most expected
An employee inspects the quality of a laser weld on an automobile door section inside the research and development department at ThyssenKrupp AG's steel plant in Duisburg, Germany, on Wednesday, July 20, 2016. Chief Executive Officer Heinrich Hiesinger has been moving to change Thyssenkrupp, known for its focus on steelmaking, into an industrial group specializing in everything from elevators to auto parts and submarine building.
Krisztian Bocsi/Bloomberg

Voters in Italy may not see it that way, but euro-area unemployment is falling, and fast.

As UBS Wealth Management economists Ricardo Garcia and Christoph Buxtorf point out in a note, joblessness in the 19-nation currency bloc has declined more rapidly than many, including the European Central Bank, anticipated. In fact, at 9.8 percent, unemployment in October hit the lowest level in more than seven years, and came in below the 9.9 percent the ECB foresaw on average for 2017 in its September projections.