| Consensus | Actual | Previous | |
|---|---|---|---|
| Rate | 6.5% | 6.5% | 6.5% |
Highlights
The Eurozone labour market was stable in May. Joblessness declined 57,000 to 11.01 million following a larger revised drop of 61,000 in April, but the unemployment rate remained unchanged at 6.5 percent, in line with the market consensus.
Regionally, the stable headline rate was reflected in unchanged readings for Germany (2.9 percent) and France (7.0 percent), and offsetting declines in Italy (7.6 percent after 7.8 percent) and increases in Spain (12.7 percent after 12.6 percent).
Today's updates put the Eurozone ECDI at just minus 18 and the ECDI-P at minus 19 indicating that overall economic activity continues to run mildly cooler than market expectations.
Regionally, the stable headline rate was reflected in unchanged readings for Germany (2.9 percent) and France (7.0 percent), and offsetting declines in Italy (7.6 percent after 7.8 percent) and increases in Spain (12.7 percent after 12.6 percent).
Today's updates put the Eurozone ECDI at just minus 18 and the ECDI-P at minus 19 indicating that overall economic activity continues to run mildly cooler than market expectations.
Market Consensus Before Announcement
Consensus for May's unemployment rate is no change at 6.5 percent.
Definition
The unemployment rate measures the number of unemployed as a percentage of the labor force.
Description
Unemployment data are closely monitored by the financial markets. These data give a comprehensive report on the state of the economy and its future direction. A rising unemployment rate can be a warning sign of hard times while a low rate can be a warning of inflation as wages are bid up to attract labor.
Unemployment data are expressed in both a numerical value and as a percentage of the labor force. Generally, the definition of those unemployed follows that of the International Labour Organisation (ILO). It states that an unemployed person is one between the ages of 15 to 74 years of age who was not employed during the reference week, had actively sought work during the past four weeks and was ready to begin working immediately or within two weeks. The unemployment rate is the percentage of unemployed persons over the total number of active persons in the labor market. Active persons are those who are either employed or unemployed.
Eurostat provides an unemployment rate for each EU country as well as for the EMU and EU as a whole. It should be noted that the unemployment rate for a country will frequently differ with that reported by the national statistics agency. That is because of the varying interpretations of the ILO definition by member states and Eurostat.
Unemployment data are expressed in both a numerical value and as a percentage of the labor force. Generally, the definition of those unemployed follows that of the International Labour Organisation (ILO). It states that an unemployed person is one between the ages of 15 to 74 years of age who was not employed during the reference week, had actively sought work during the past four weeks and was ready to begin working immediately or within two weeks. The unemployment rate is the percentage of unemployed persons over the total number of active persons in the labor market. Active persons are those who are either employed or unemployed.
Eurostat provides an unemployment rate for each EU country as well as for the EMU and EU as a whole. It should be noted that the unemployment rate for a country will frequently differ with that reported by the national statistics agency. That is because of the varying interpretations of the ILO definition by member states and Eurostat.
