Eurozone unemployment stable in July at 7.8%

September 3, 2006 - 0:0
BRUSSELS (AFP) -- Unemployment in the 12 nations sharing the euro held steady in July compared to June at 7.8 percent of the workforce, official data showed Friday.

The rate, which the EU's Eurostat data agency adjusted to take seasonal variations into account, was slightly higher than the 7.7 percent expected by private economists, as polled by the financial news agency AFX News.

Since peaking at 8.9 percent during an extended period ending in September 2004, unemployment in the eurozone has steadily declined as the economy gathers pace.

In July 2005, the jobless rate in the eurozone stood at 8.6 percent.

In the 25-nation EU as a whole, unemployment was steady in July compared to June at 8.0 percent but was down from the 8.7 percent recorded in July 2005.