EU jobless rate fall points to revival
Print Edition
Further evidence emerged yesterday that the eurozone economy is on the mend after struggling with a recession that’s seen unemployment edge toward the 20-million mark.
Figures from Eurostat, the European Union’s statistics office, showed that the number of unemployed across the 17 EU countries that use the euro fell by 24,000 in June to 19.27 million. That’s the first fall since April 2011 and adds to the weight of recent evidence that suggests the recession in the eurozone has — or is about to — come to an end.
The eurozone’s economy has been shrinking since the last quarter of 2011 as a raging debt crisis prompted many countries to pursue tough austerity policies that weighed on economic activity and confidence.
However, many analysts think figures for July will show the region may have eked out modest growth during the second quarter, thanks mainly to a rebound in Germany, Europe’s biggest economy.
Overall, the eurozone’s jobless rate was also lower than expected — though at a record high. At 12.1 percent in June, it’s unchanged on the previous month after a downward revision to May’s original 12.2 percent estimate.
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