It might not yet be the time to start celebrating but finally there is a glimmer of hope for the Eurozone’s unemployed masses as data showed that unemployment in the recession battered region fell for the first time in two years.
“Compared with May 2013, the number of persons unemployed decreased by 32,000 in the EU27 and by 24,000 in the Euro area. Compared with June 2012, unemployment rose by 1.080 million in the EU27 and by 1.129 million in the Euro area” reported the European Statistics agency, Eurostat.
The decline wasn’t big enough to alter the overall 12.1% unemployment rate but it is an encouraging sign that the region could be on the cusp of turning things around. The jobless rate has stayed stable at the 12.1% mark for a fourth consecutive month halting the seemingly unstoppable rise in joblessness numbers.
The Euro crisis has seen nations battling against alarmingly high fiscal deficits, forced to impose harsh austerity and budget cuts. The threat of a Eurozone break up however has been alleviated thanks to the pledge of the European Central Bank that it would do whatever it takes to ensure the Euro’s survival.
Adding to signs of a possible recovery is Low inflation helping households struggling with the impact of the 3-1/2-year old Euro zone debt crisis. Annual inflation was stable at 1.6% in July, according to Eurostat’s first estimate for the month, the same level as June.
Youth unemployment across Europe however remains shockingly high with up to 23.9% of under 25’s out of work. That figure has risen from the 23.8% recorded in May. The lowest rates of youth unemployment were recorded in Germany, Austria, the Netherlands and Malta. The highest figures were found in Greece and Spain with both countries boasting levels above 50%.
Euro (EUR) Exchange Rates
As of 11:05 am
The Euro/US Dollar Exchange Rate is currently in the region of: 1.3274 >
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8725 >
The Euro/Australian Dollar Exchange Rate is currently in the region of: 1.4699 >
The Euro/ New Zealand Dollar Exchange Rate is currently in the region of: 1.6611 >
The Euro/ Canadian Dollar Exchange Rate is currently in the region of: 1.3681 >