The unemployment rate in the euro zone dropped in August to its lowest in more t...
FILE PHOTO: People enter a government-run job centre in Madrid, Spain, April 27, 2016. REUTERS/Andrea Comas/
The jobless rate in the 19-country euro zone fell to 7.4%, the European Union statistics agency said, its lowest since May 2008 when the euro zone’s economy began to suffer from the subprime mortgage crisis in the United States. The euro zone’s economic growth has been slowing, mostly because of falling industrial output over global trade tensions. The unemployment reading partly allayed fears the manufacturing slowdown would spill over into the larger services sector.
Last week, a European Commission confidence indicator showed morale in services rose in September after three consecutive monthly declines . Lower unemployment should push up salaries and consumer spending, thus helping economic growth.
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