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Euro zone jobless up as inflation shrinks

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Euro zone jobless up as inflation shrinks

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Unemployment in the 16 countries of the euro zone hit a 10-year high in June.

It was 9.4 percent of the working population just up from May’s revised figure of 9.3 percent. The European Union statistics office Eurostat calculates almost 3.2 million people have lost their jobs in the euro zone since June last year. At the same time inflation in the region has fallen much further into negative territory than forecast. Consumer prices in the euro zone dropped 0.6 percent year-on-year in July, despite energy and food being more expensive. It is only the second month of negative inflation since the creation of the single currency area ten year ago.