Eurozone Jobless Rate Lowest Since Feb 2009

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The figure for May was revised down slightly from 7.8 percent.

The eurozone notched up growth of 0.6% in the second quarter of the year, official Eurostat figures showed.

GDP in the 19 countries that use the euro expanded 0.6% in the second quarter of 2017, building on growth of 0.5% in the first quarter, according the European Union statistics body Eurostat (pdf).

"Most other eurozone countries, particularly in the periphery, are still very far from the unemployment rates recorded before the financial crisis".

In annualised terms, the euro zone economy expanded 2.3 percent in the second quarter after a 2.0 percent rise in the first three months of the year, Eurostat said.

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Most analysts expect further subdued United Kingdom growth in the second half of 2017 too as consumers continue to feel the squeeze from higher prices and firms hold back from investment due to uncertainty about post-Brexit trade arrangements. His ultra-easy monetary policy is partly behind the robust economic recovery, showing more effect this year as growth in bank loans to the private sector hit a 10-year high in May. The fall was greater than expected according to economists' consensus expectations.

Eurozone unemployment fell further in June to reach its lowest level since February 2009, continuing the trend of a strengthening European economy.

The euro zone may not be growth champion in the second quarter, after the US rebounded to an annualized 2.6 percent thanks to consumer spending and business equipment investment.

It intends to begin the process in the autumn, although inflation remains low at 1.3%, well under the 2% target for the eurozone. Meanwhile, in Spain - where unemployment affects a larger number of people - the rate registered at 17.1 percent, down from 17.3 percent in May.

ISM's manufacturing PMI this afternoon is forecast to show a modest slowdown on a month previous in July.