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Eurozone jobless rate inches up to 7.4 pct in May

Just Earth News | @justearthnews | 02 Jul 2020

Eurozone jobless rate inches up to 7.4 pct in May

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Brussels/Xinhua: The 19-member eurozone seasonally-adjusted jobless rate inched up from 7.3 percent in April to 7.4 percent in May, according to data released Thursday by Eurostat, the statistical office of the EU.

The data also showed that the 27-member European Union's (EU) unemployment rate rose to 6.7 percent in May from 6.6 percent in April.

In the wake of the coronavirus pandemic, European governments initiated programs to pay part of workers' salaries in return for employers not slashing the workforce.

For example, Germany compensates employers for 60 percent of employees' lost wages due to decreased activity as a result of the pandemic.