After two years of rising, the euro zone jobless rate finally fell

July 31, 2013
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July 31, 2013
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There was more news out of the euro zone that things are finally stabilizing: some 24,000 fewer people were out of work in June, compared with May, according to Eurostat (pdf).

That still leaves 19.27 million people out of work, and the drop was so minute that it didn’t move the euro zone’s employment rate of 12.1%, the highest in the history of the monetary union. But the fact that it has hovered there since April hints at signs of stabilization.

Youth unemployment also fell slightly. At 3.526 million, some 29,000 fewer young people registered as unemployed in June, compared with May. That said, rates are still staggeringly high: 23.9% in the euro area. Young workers in Greece and Spain continue to be the worst off; more than half of them can’t find employment.

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