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Eurozone unemployment falls to eleven-year low

Friday, 2 August, 2019 - 14:31

The eurozone unemployment rate fell one tenth during June compared to May and stood at 7.5 percent, which was the lowest figure since July 2008, the community statistics office Eurostat reported on Wednesday.

With regard to the EU average, the unemployment rate stood at 6.3 percent, unchanged from the May figure and down from June 2018, when it reached 6.8 percent.

The lowest unemployment rates were in the Czech Republic (1.9%), Germany (3.1%), Hungary, Malta and the Netherlands (3.4% in all three countries).

The highest rates were recorded in Greece (17.6%), Spain (14%), Italy (9.7%), France (8.7%) and Croatia (7.1%).

Gross domestic product (GDP) growth in the 19 euro countries slowed to 1.1 percent between April and June, compared to the same period of 2018, and 0.2 percent, compared to the first quarter of 2019, according to the Eurostat European Statistics Office.

Inflation, meanwhile, slowed in July, to 1.1 percent, two tenths less than the previous month.

At this rate, Inflation in the eurozone is running below the European Central Bank (ECB) objective of below but close to 2 percent.

Underlying inflation, which does not take into account volatile energy, food, alcohol and tobacco prices, fell two tenths to 0.9%, according to Eurostat.

The slowdown in inflation should further strengthen market expectations that the European Central Bank will further loosen monetary policy in September.

 

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