In the euro zone, the unemployment rate has fallen to a record low. In July, the rate fell by 0.1 percentage points to 6.6 percent, as reported by the Eurostat statistics office in Luxembourg on Thursday. This is the lowest rate since the euro was introduced to the financial markets in 1999.
However, the statisticians have revised the quota for the month of June upwards. After a rate of 6.6 percent had previously been reported, the figure is now 6.7 percent. The rate had already been at this level in April and May.
Year-on-year, unemployment in the common currency area has fallen significantly. In July 2021, a rate of 7.7 percent was recorded when the eurozone economy was burdened by the corona restrictions. According to the statistics office, 10.98 million people in the euro zone were unemployed in July this year. That was 1.58 million fewer than in the same month last year.
In the common currency area, Spain continues to have the highest unemployment rate of 12.6 percent. In Germany it is lowest at 2.9 percent. Eurostat’s labor market data are based on indicators from the International Labor Organization (ILO). The rate for Germany is therefore significantly lower than the rate reported by the Federal Employment Agency.
A cheap local transport ticket for the whole country and a significant tax cut for fuel expire on Thursday. At German petrol stations, prices are skyrocketing: diesel sometimes costs more than 2.40 euros. In the past two weeks, prices have continued to rise.
The airport chaos in Germany should pick up speed again. Lufthansa pilots are on strike on Friday, September 2nd. According to the “Vereinigung Cockpit” union, the reason for this is failed collective bargaining. All important developments at the airports here in our new ticker.