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Unemployment in the euro area hit a record low of 6.5 percent in March, the European Union’s statistics agency said on Wednesday.
Brussels (UrduPoint / Pakistan Point News – 3rd May, 2023 ) :The unemployment rate in the euro area hit a record low of 6.5 percent in March, the European Union’s statistics agency said on Wednesday.
The reading, down from 6.6 percent in February, is the lowest since Eurostat began compiling unemployment figures in April 1998 for the economies of the single currency area.
Unemployment in the entire EU area, including the euro area, was 6.0 percent last month, unchanged from February.
Eurostat estimated that for the entire 27-nation European Union, 12.96 million adults were unemployed in March, 11.01 million of them in the euro area.
But other data are not all positive for the European economy.
Eurozone inflation, for example, rose last month according to figures published on Tuesday.
Consumer prices rose 7.
0 percent year-on-year, the first increase after five straight months of declines, after peaking at 10.6 percent in October following Russia’s invasion of Ukraine.
April’s reading is likely to push the European Central Bank to raise interest rates further on Thursday as inflation remains well above its two percent target.
Eurostat figures on Wednesday showed that in the eurozone’s biggest economy, Germany, unemployment was 2.8 percent, down from 3.0 percent in March 2022.
In the second largest, France, it was 6.9 percent, down from 7.4 percent a year earlier.
The non-euro area Czech Republic had the lowest unemployment rate in the EU at 2.6 percent, while euro area Spain had the highest at 12.8 percent.
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