Euro zone unemployment rate flat, inflation moves closer to target

| July 30, 2010 | 0 Comments
Euro zone unemployment rate flat, inflation moves closer to target

The European Union’s statistics agency has today announced unemployment in the 16-member euro zone remained flat at 10% in June.

According to Eurostat, 15.77 million people were unemployed in the euro zone during June.

Spain has the highest unemployment within the 16-bloc nation at 20%, while Austria has the lowest, at 3.9%.

Meanwhile, in the 27-nation European Union, the unemployment rate stands at 9.6% with a total of 23.06 million people unemployed.

Separate figures today showed inflation in the euro zone is moving closer towards the European Central Bank’s (ECB) target.

In its flash inflation estimate, Eurostat said consumer prices in the euro zone grew by 1.7% in the year to July - rising from 1.4% in the previous month.

The rise was in line with analysts forecasts but despite the increase, the ECB is unlikely to raise interest rates in the short-term.

Yesterday, a report revealed business and consumer confidence in the euro zone surged to its highest level since March 2008.

Confidence in the 16-member nation rose to 101.3 in July, up from a revised 99 in June, according to the European Commission’s economic sentiment index.

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