The Euro area unemployment rate remained unchanged at a downwardly-revised 10.0% in May. The number of unemployed increased by only 35,000 in May and the increase in each of the prior four months was revised down significantly. Overall, the number of unemployed is still nudging higher on a monthly basis, but the pace of increase has slowed again. With Euro area employment stable already in 1Q10, earlier than widely expected, and the employment index of the Euro area PMI rising through to June, the labour market should continue to show further signs of stabilisation in the very near term.
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