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Euro zone unemployment rate drops to 10.1% in May

Published 07/01/2016, 05:03 AM
Updated 07/01/2016, 05:03 AM
© Reuters. Unemployment hits nearly a 5-year low in the euro zone in May

Investing.com - The euro zone’s unemployment rate dropped to almost a five-year low in May, fueling optimism over the health of the region's economy, official data showed on Friday.

In a report, Eurostat said that the euro zone’s unemployment rate dropped to a seasonally adjusted 10.1%, from April’s reading of 10.2%.

The reading was in line with forecasts and the lowest since July 2011.

Additionally, the EU28 unemployment rate was 8.6% in May, down from 8.7% in the prior month.

This was the lowest level since March 2009.

EUR/USD was trading at 1.1105 from around 1.1096 ahead of the release of the data, while EUR/GBP was at 0.8348 from 0.8341 earlier.

Meanwhile, European stock markets were broadly lower. The Euro Stoxx 50 rose 0.10%, Germany's DAX gained 0.36%, France’s CAC 40 tacked on 0.13%, while London’s FTSE 100 added 0.39%.

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