Eu­ro­zone job­less rate close to five-year low

Kathimerini English - - Front Page -

Eu­ro­zone un­em­ploy­ment fell to a near fiveyear low in May, of­fi­cial data said yes­ter­day, in a rare pos­i­tive sign for a slug­gish Euro­pean econ­omy strug­gling to re­turn to solid growth. The data cov­ers a pe­riod be­fore last week’s shock Brexit vote, which econ­o­mists be­lieve has made the eu­ro­zone more un­sta­ble and could neg­a­tively af­fect growth and job fig­ures in the medium term. The Euro­stat statis­tics agency said un­em­ploy­ment in the 19-coun­try eu­ro­zone fell to 10.1 per­cent in May from 10.2 per­cent in April. The rate fell in with an­a­lyst fore­casts as the eu­ro­zone con­tin­ues a painfully slow re­cov­ery after un­em­ploy­ment hit record highs dur­ing the worst of the debt cri­sis. Un­em­ploy­ment in the full 28-na­tion Euro­pean Union was un­changed at 8.6 per­cent in Fe­bru­ary, Euro­stat said. One of the low­est job­less rate was in pow­er­house Ger­many, at 4.2 per­cent, while the high­est were in debt-laden Greece at 24.1 per­cent and Spain with 19.8 per­cent. Un­em­ploy­ment in the sin­gle cur­rency bloc hit a record high of 12.1 per­cent dur­ing the worst of the debt cri­sis.

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