Friday, July 3, 2009

Eurozone inflation, interest rate, consumption and unemployment

1) Eurozone inflation was -0.1% in June (0% in May), first time since the establishment of the Euro currency.

Analyses differ at to whether this an isolated occurence or it will continue in the coming months.

2) The European Central Bank kept its key interest rate unchanged at 1% at its monthly meeting (July 2)

3) The unemployment rate rose to 9.5% in May from 9.3% in April

Hence, 15 million people in the Eurozone were out of work in May 2009!

In the EU27, the rate in May was 8.9% (21.5 million jobless in the EU in May)

Spain tops the list of 27 with 18.7% and NL has the lowest, only 3.2%.

4) Retail sales fell 0.4% on a month-on-month basis, as opposed to an April 0.1% rise. On a yearly basis the decline in retail sales in May was 3.3%.

Reminder: The Euro-zone consists of 16 of the 27 member economies of the European Union.

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