European flags blow in front of the European Central Bank as the sun rises in Frankfurt, Germany, Sunday, May 26, 2019. (AP Photo/Michael Probst)

Eurozone jobless rate lowest in over a decade

June 04, 2019 - 5:01 am

FRANKFURT, Germany (AP) — The unemployment rate has fallen fell to its lowest since August 2008 in the 19 countries that use the euro, as domestic demand keeps growth chugging despite ill winds from slowing global trade.

The European Union statistics agency said Tuesday that unemployment fell to 7.6% in April from 7.7% in March as 64,000 fewer people were unemployed.

Official figures also showed that inflation in the eurozone sagged to 1.2% in May from 1.7% in April. The drop was largely due to a calendar effect that boosted the April figure.

The inflation data underlined the mixed signals facing the European Central Bank as it heads into a policy meeting Thursday. Inflation remains stubbornly low despite a 2.6 trillion-euro ($2.9 trillion) bond purchase stimulus program that ended last year.