Eurozone unemployment sees surprise drop

Peter Spence
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The euro area's headline jobless rate has moved slightly lower in May, now at 11.6 per cent.

Analysts had expected to see that Eurostat would report Eurozone unemployment was at 11.7 this month, after falling from 11.8 per cent in April.

April's estimate has now been revised down from 11.7 per cent to 11.6 per cent, seeing the overall unemployment rate unchanged in May from that updated figure.

Unemployment has been stuck at these elevated levels for a while now - average unemployment hasn't been below seven per cent since the financial crisis, and hasn't been seen below double digits since 2011.

Youth unemployment also remains high, at 23.3 per cent in the euro area. Latest figures from Greece, collected in March, show youth unemployment at 57.7 per cent, while Spanish youth unemployment stood at 54 per cent this May.

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