"What we can and must do, first and foremost is delivering the banking union. It is the first and most urgent phase on the way to deepen our economic and monetary union."
- Jose Manuel Barroso, European Commission President
The number of employed people in the 17-nation bloc fell once again in the second quarter, albeit at a slower pace, reflecting stabilization in the labour market and adding to signs the region may be gaining momentum. Figures from the Eurostat showed the Eurozone employment dropped 0.1% in the April-to-June quarter, up from a 0.4% drop in the previous quarter and better-than analysts have expected. There are now 145 million working in the Eurozone, while in a broaden European Union, including a recently-joined Croatia, the number of employed people remained unchanged. Among the main gainers, such countries as Estonia, Lithuania, Portugal, Luxembourg, Ireland and the Czech Republic registered the highest growth rates over the period. However, Spain, Cyprus, the Netherland, Slovenia and Slovakia posted to the weakest figures.
Even though the economy emerged from its longest-ever recession in the second quarter, the recovery remains fragile, highlighting an unexpected drop in industrial production. The region's job rate has not been seen in a positive territory since the beginning of 2011. Earlier this month, European Commission President Jose Manuel Barroso said all measures must be aimed at stabilization of the labour market, as more than 26 million across the bloc are still unemployed.
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