Eurozone jobless at record high

Eurozone jobless at record high

Unemployment across the 17-country eurozone hit another record high in May after initial statistics were rechecked.

Eurostat, the EU’s statistics office, said it rose 0.1% in May to 12.1% – a new record for the region as the previous months’ data were revised down, including April’s original 12.2% estimate.

Across the eurozone there were 19.22 million people unemployed, 67,000 up on the previous month. Figures next month will show whether the eurozone’s economy remained in recession during the second quarter of the year.

Elsewhere, Eurostat said inflation picked up to 1.6% in the year to June, up from 1.4% the previous month. The rate remains below the European Central Bank’s target.

Most economists think the double dip figures will be a close call. While countries such as Germany have seen their economies prosper, those at the forefront of Europe's debt crisis, such as Greece and Spain, have seen economic contraction on a massive scale.

Greece and Spain also have the highest unemployment rates in the eurozone. Spain’s unemployment was 26.9%, while Greece’s rate in March – its statistics are compiled on different timeframes – was 26.8%. Both countries are also mired in a youth unemployment crisis. Spain’s rate was 56.5% while Greece’s was 59.2%.

The ECB is meeting this Thursday to decide what more it can do to shore up the eurozone’s economy. The main interest rate though is expected to remain at the record low of 0.5%.


More in this Section

Florida reports record coronavirus cases as US holiday weekend causes concernFlorida reports record coronavirus cases as US holiday weekend causes concern

Boris Johnson’s father defends visit to Greece during lockdownBoris Johnson’s father defends visit to Greece during lockdown

Two women critically injured after car drives through crowd of protesters in SeattleTwo women critically injured after car drives through crowd of protesters in Seattle

Much of US scales back on Independence Day events as Trump plans big celebrationMuch of US scales back on Independence Day events as Trump plans big celebration


Lifestyle

All eyes are on America for Independence Day - so what happens when the country's borders reopen again? Tom Breathnach gets the lowdownAltered States: What will tourism in the US look like after lockdown?

From days by the seaside to adrenaline-filled days riding rollercoasters, Leinster offers staycationers major bang for their buck.Staycations 2020: Leinster, where Eastern promises are delivered in full

Des O'Sullivan previews the diverse items that will spark interest among collectorsAntiques: From a sword to crystal chandeliers and a dictionary

Kya deLongchamps strikes up the band for some lesser copied American mid-century talentIt's July 4 so let's strike up the band for American designs

More From The Irish Examiner