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Eurozone inflation edges up, unemployment rate is unchanged

Eurozone inflation edges up, unemployment rate is unchanged
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The threat of deflation is still there, but overall inflation in the 18 countries using the euro edged up slightly in October.

In its first estimate for the month the European Union’s statistics office said consumer prices in the eurozone rose by 0.4 percent.

The European Central Bank, is watching prices closely to see if it needs to do more in the way of stimulus to move inflation closer to its target of around two percent, which is says is needed to avoid people putting off purchases, which in turn restricts economic growth.

So-called core inflation, that is not including unprocessed food and energy which have more volatile prices, was unchanged from last month.

At the same time eurozone unemployment figures for September were released – and they were stable at 11.5 percent of the working population.

It was the fourth consecutive month the jobless rate had not changed.

There was actually a small decrease – 19,000 fewer people were without work in a total of 18.34 million.

Of those 3.34 million were young people, aged between 15 and 24.

Greece had the highest unemployment rate (26.4%) while Germany (5%) and Austria (5.1%) have the lowest.

Italian jobless rate edges up

Italy’s seasonally adjusted unemployment rate was 12.6 percent in September, just a notch above the revised 12.5 percent rate in August, remaining at a level last seen in the 1970s..

The August jobless rate was revised up from a previously reported 12.3 percent, national statistics office ISTAT said.

Unemployment has been rising since Italy’s economy, the eurozone’s third biggest, entered a slump three years ago. Gross domestic product has not expanded since 2011.

Youth unemployment, measuring job-seekers between 15 and 24 years old, was 42.9 percent in September, down slightly from a record high in August, which was revised slightly lower to 43.7 percent.

with Reuters

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