Eurozone unemployment stable at 11.5%

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The eurozone seasonally-adjusted unemployment rate was 11.5% in July, stable compared with the previous month, but down from 11.9% in July 2013, according to Eurostat, the statistical office of the European Union.

Among the member states, the lowest unemployment rates were recorded in Germany and Austria (both 4.9%), and the highest in Greece (27.2% in May 2014) and Spain(24.5%).

Compared with a year ago, the unemployment rate fell in twenty-two member states, increased in three and remained stable in three. The largest decreases were registered in Hungary (10.4% to 8.1% between June 2013 and June 2014), Portugal (16.3% to 14.0%), Croatia (18.1% to 16.2%), Spain (26.2% to 24.5%) and Ireland (13.1% to 11.5%). The only increases were registered in Finland (8.1% to 8.7%), Italy (12.1% to 12.6%) and Luxembourg (5.9% to 6.3%).

At the same time, the eurozone inflation is expected to be 0.3% in August, down from 0.4% in July, according to a flash estimate from Eurostat.

Looking at the main components of euro area inflation, services is expected to have the highest annual rate in August (1.2%, compared with 1.3% in July), followed by non-energy industrial goods (0.3%, compared with 0.0% in July), food, alcohol & tobacco (-0.3%, stable compared with July) and energy (-2.0%, compared with -1.0% in July).



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