Eurozone Unemployment Rate at the lowest level since February 2012

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Tuesday, Sep 01 2015

The jobless rate in the 19-nation euro area unexpectedly slid to 10.9% in July, the lowest reading since February 2012, data from the European Union’s statistics office showed on Tuesday. Economists in a Bloomberg survey had predicted it would hold at 11.1%.

Earlier today, data showed that German unemployment declined in August and manufacturing gained momentum, signaling that Europe’s largest economy will continue growing. Joblessness fell a seasonally-adjusted 7,000 to 2.79 million, and the unemployment rate remained at 6.4%. Economists had predicted a drop in unemployment of 5,000. The number of people without work declined by about 3,000 in western Germany and about 3,000 in the eastern part of the country, the data show.

Euro is currently being traded few points below 1.1250 handle. Pair is likely to find support around 1.12 area and resistance above 1.13 level. Later today, in the US session, ISM Manufacturing PMI figures will be released.

More in this category: « UK Manufacturing PMI unexpectedly fell in August Australia's economic growth slows as exports decline »

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