June 30, 2022 09:00 GMT
EUROZONE MAY UNEMPLOYMENT 6.6%; APR 6.7%
EU MAY UNEMPLOYMENT 6.1%; APR 6.1%
- Eurozone unemployment reached a fresh low in May, edging down a further 0.1pp to stand at 6.6%. This is down from 8.1% registered in May 2021.
- Youth unemployment saw another substantial decrease, down 0.7pp to 13.1% in the eurozone.
- Continued improvement in the Eurozone unemployment rate implies increased wage pressures, potentially adding pressure to second round inflation effects, further complicating the ECB's hiking cycle which is set to commence in July.
- With the German labour market registering a 0.3pp increase in their June unemployment rate as a result of accounting for the influx of registered Ukrainian refugees, upcoming labour reports could show increasing unemployment rates despite having remained otherwise stable, depending how stats agencies handle the influx.
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