Europe’s re­cov­ery strength­ens, un­em­ploy­ment at eight year low

Muscat Daily - - BUSINESS -

Brus­sels, Bel­gium - Europe’s eco­nomic re­cov­ery is strength­en­ing with un­em­ploy­ment in the eu­ro­zone drop­ping in June to its low­est since Fe­bru­ary 2009, ac­cord­ing to of­fi­cial fig­ures re­leased on Mon­day.

The job­less rate of 9.1 per cent was bet­ter than pre­dicted by an­a­lysts and will boost con­fi­dence that the 19-na­tion sin­gle cur­rency area’s pick-up is gath­er­ing steam af­ter the fi­nan­cial cri­sis.

Eu­ro­zone in­fla­tion mean­while held at 1.3 per cent in July.

“While June’s un­em­ploy­ment data paint a pos­i­tive pic­ture of the eu­ro­zone labour mar­ket, July’s [in­fla­tion] re­lease con­firms that this strength has yet to gen­er­ate in­fla­tion­ary pres­sure,” said Jen­nifer McKe­own of Cap­i­tal Eco­nom­ics.

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