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| Version 0 | Version 1 |
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| Eurozone jobless at 10-year high | Eurozone jobless at 10-year high |
| (about 1 hour later) | |
| Eurozone unemployment hit 9.4% in June - the highest in 10 years and another sign of the economic slowdown. | Eurozone unemployment hit 9.4% in June - the highest in 10 years and another sign of the economic slowdown. |
| The number of jobless grew by 158,000 during the month, taking the total number of unemployed in the area using the euro to 14.9 million. | The number of jobless grew by 158,000 during the month, taking the total number of unemployed in the area using the euro to 14.9 million. |
| The figures came as separate data showed that inflation had declined more than expected in the eurozone in July. | The figures came as separate data showed that inflation had declined more than expected in the eurozone in July. |
| Consumer prices in the 16-nation area fell a record 0.6% compared to a year earlier, according to Eurostat. | Consumer prices in the 16-nation area fell a record 0.6% compared to a year earlier, according to Eurostat. |
| It was the second month in a row of falling prices following June's decline of 0.1%. | |
| EUROZONE JOBLESS Lowest unemployment rate in the Netherlands: 3.3%Highest unemployment rate in Spain: 18.1%Overall eurozone youth unemployment (under 25s): 19.5%Lowest youth jobless rate in the Netherland: 6.3%Highest youth jobless rate in Spain: 36.5% and Lithuania: 31% | |
| "That is the lowest inflation rate for the 16 countries sharing the euro in more than 50 years," said economist Martin Van Vliet of ING. | "That is the lowest inflation rate for the 16 countries sharing the euro in more than 50 years," said economist Martin Van Vliet of ING. |
| He said it should provide "a stark reminder" to the European Central Bank that inflation may fall further in the medium-term. | He said it should provide "a stark reminder" to the European Central Bank that inflation may fall further in the medium-term. |
| 'Inflexible labour market' | 'Inflexible labour market' |
| As consumers lose their jobs and tighten their belts, this leads to lower spending. To attract customers, retailers have been cutting prices further. | As consumers lose their jobs and tighten their belts, this leads to lower spending. To attract customers, retailers have been cutting prices further. |
| The European Central Bank predicts that consumer prices will decline for a few months due to the comparison with record high oil and food costs a year earlier. | The European Central Bank predicts that consumer prices will decline for a few months due to the comparison with record high oil and food costs a year earlier. |
| Eurostat has calculated that 3.17m people living in the eurozone have become unemployed since June 2008, when the unemployment rate was 7.5%. | Eurostat has calculated that 3.17m people living in the eurozone have become unemployed since June 2008, when the unemployment rate was 7.5%. |
| Analyst Juergen Michels of Citigroup said: "We expect in the coming months to see further increases in unemployment and that is likely to have a negative effect on consumption." | Analyst Juergen Michels of Citigroup said: "We expect in the coming months to see further increases in unemployment and that is likely to have a negative effect on consumption." |
| Spain was particularly badly hit with unemployment up 18.1% in June, and a youth unemployment rate of 36.5%. | Spain was particularly badly hit with unemployment up 18.1% in June, and a youth unemployment rate of 36.5%. |
| Economist Jorg Radeke of the CEBR said the country was suffering from a "collapse in the construction sector and an inflexible labour market". | Economist Jorg Radeke of the CEBR said the country was suffering from a "collapse in the construction sector and an inflexible labour market". |