Euro zone unemployment rate improves slightly to 11.6 percent

Nathan Andrada – Fourth Estate Cooperative Contributor

Luxembourg, Luxembourg (4E) – People in euro area out of work has dropped as 28,000 jobs were created in May and the jobless rate stood at 11.6 percent, with continued improvement in Ireland and Portugal, according to official data released Tuesday.

The Eurostat statistics agency also said a total of 18.552 million people continue to be unemployed in the common currency bloc in April, although the figure is down by 636,000 from the year-earlier level.

The agency had estimated a rate of 11.7 percent for April, but revised the figure slightly lower to 11.6 percent.

Across the broader 28-member European Union, the number of people out of work stood at 25.18 million in May, with the jobless rate down by 0.1 points over the month to 10.3 percent.

Greece continues to have the highest unemployment rate at 26.8 percent, followed by Spain’s 25.1 percent.

Portugal’s jobless rate over the 12-month period declined from 16.9 percent to 14.3 percent. Meanwhile, unemployment in Ireland declined from 13.9 percent to 12.0 percent.

Tuesday’s report also showed that the youth unemployment rate in the euro area slipped by 0.2 points to 23.3 percent in May from the prior month.

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