The Euro-zone unemployment rate remained unchanged at 10%, a 12-year high, for a fifth straight month according to the European Union statistics office in Luxembourg. The unemployment rate remains at this high as companies across Europe continue to cut costs to help improve balance sheets, rather than invest in new workers. As a result of the weak jobs market consumer prices rose 1.6% from a year earlier, a bit weaker than July’s 1.7% as households conserve income in turbulent times.
Written by Jonathan Granby, DailyFX Research Team
If you wish to contact the author with comments or questions email jgranby@fxcm.com
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