Eurozone Jobless Rate, Inflation Remain Unchanged

Numbers out of Eurostat, the statistical office of the European Union, Tuesday indicate that the eurozone’s seasonally adjusted unemployment rate remained at 11.2% in June 2012, unchanged from May’s upwardly revised figure. But that June figure was up from 10.0% in June 2011.

Among the member states, the lowest unemployment rates were recorded in Austria (4.5%), the Netherlands (5.1%), Germany and Luxembourg (both 5.4%). The highest rates were in Spain (24.8%) and Greece (22.5% in April 2012). No surprise there. Youth unemployment remains higher than 50% in Spain and Greece.

In comparison, the June 2012 unemployment rate in the United States was pegged at 8.2%, while the figure for Japan in May 2012 was 4.4%.

The German Federal Labor Office reported Tuesday that the seasonally adjusted number of unemployed workers there rose by 7,000 in July. That matched the increase seen in June. Economists had forecast a rise of 10,000. The seasonally adjusted unemployment rate held steady at 6.8%, which was in line with forecasts.

Eurostat also said Tuesday that the eurozone’s annual inflation in July was unchanged at 2.4% for the third straight month.