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MNI BRIEF: Tightening EZ Labour Market Underlines ECB Concerns

(MNI) London
(MNI) London

Unemployment falls to a record low across the eurozone, underlining ECB concerns over higher wages becoming embedded in inflation expectations.

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Eurozone unemployment fell to a record low 6.6% in May, falling 0.1 pp from April's 6.7%. This is down from 8.1% seen in May 2021. Youth unemployment across the region saw another substantial decrease, down 0.7pp to 13.1%.

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.

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Eurozone unemployment fell to a record low 6.6% in May, falling 0.1 pp from April's 6.7%. This is down from 8.1% seen in May 2021. Youth unemployment across the region saw another substantial decrease, down 0.7pp to 13.1%.

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.

Keep reading...Show less