The jobless rate decreased within the eurozone in July
Joblessness rate in the Eurozone drops in July. It dipped to 6.4%, down from 6.5% in June, as revealed by Eurostat on a Friday. Predictions of no change were made by analysts interviewed by Reuters. As per Eurostat, a total of 10,990,000 individuals were jobless in the monetary union in July. This number saw a decrease of 114,000 compared to June.
Spain recorded the highest unemployment rate at 11.5%, with Greece following closely at 9.9%. Conversely, Malta experienced the lowest rate at 3.0%. Germany managed a 3.4% unemployment rate.
The Eurozone economy exhibited unexpected strength during the second quarter. The GDP increased by 0.3% compared to the first quarter, from April to June, despite Germany's weakness. In fact, Europe's largest economy experienced a 0.1% contraction in the spring and seems to be teetering on the edge of a recession.
The joblessness rate decrease in July also impacted the euro area, as Eurostat reported a total of 13,884,000 employed individuals in the euro area during this period. Further, this improvement in the euro area led to reduced unemployment rates in several member states, such as Germany, which saw a 3.4% unemployment rate.
