Euro-Area Unemployment Holds at 8-Year Low as Recovery Proceeds

The euro-area’s unemployment rate held at its lowest since March 2009 last month, adding to evidence that the regional recovery is solidifying.

The rate in the 19-country bloc remained at 9.3 percent in May, unchanged from April, the European Union’s statistics office Eurostat said on Monday. The reading is in line with the median forecast in a Bloomberg survey of economists.

Signs are mounting that a years of exceptionally weak growth and inflation may be ending, with figures last week showing that economic confidence jumped to the highest level in a decade. The European Central Bank has started to discuss unwinding its 2.3 trillion-euro ($2.6 trillion) quantitative easing program, and President Mario Draghi has argued there’s room to adjust instruments without tightening monetary conditions.

— With assistance by Andre Tartar, and Kristian Siedenburg

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