Euro zone unemployment rate at 3-year low; Italy grows 0.3% in Q2

Note: This section contains information in English only.
Source: Dukascopy Bank SA
"The job numbers are also looking more positive, with employment rising at the fastest pace in four years. On the inflation front, lower oil prices led to the first dip in input costs since February, while selling prices remained close to stagnation."
- Rob Dobson, senior economist at Markit

The jobless rate in the 19-nation currency bloc declined more than expected in July, reaching the lowest level in more than three years. The Euro zone unemployment stood at 10.9% in the reported month, the first time below 11% since February 2012, and compared with 11.1% registered in June. In the 28-member European Union, the jobless rate was 9.5%, the lowest level since June 2011. There remained a huge disparity between European countries. The lowest jobless rates were in Germany, at 4.7%, followed by the Czech Republic and Malta, both at 5.1%. The highest rate, of 25.0%, was in Greece, followed by Spain at 22.2%. Despite its multi-year low, unemployment in the Euro bloc remains a hurdle, as it still stood well above the 7.5% levels seen before the outburst of the global financial crisis.

Meanwhile, Italy's final 2015 second-quarter GDP data showed that the Euro zone's third biggest economy expanded at a rate of 0.3% on a quarterly basis, keeping the same pace of growth booked in the first three months of this year. On an annual basis, the country's economic output increased 0.7% in the reported period, compared to 0.1% growth booked in the previous quarter. The economic recovery may be attributed to a weakening Euro, lower oil prices and the quantitative easing programme enacted by the European Central Bank.

© Dukascopy Bank SA

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