Eurozone annual inflation is expected to be 2.5 percent in June, down from 2.6 percent in May, according to Eurostat. Italy is expected to register a rate of 0.9 percent, down slightly from 0.8 percent in May. Among the other major economies, Spain is expected to register 3.5 percent (3.8 percent in May), Germany at 2.5 percent (2.8 percent in May), France at 2.5 percent (2.6 percent in May) and the Netherlands at 3.4 percent (2.7 percent in May).
As for the main components of inflation in the euro area, Eurostat points out, services are expected to see the highest annual rate in June (4.1 percent, stable compared to May), followed by food, alcohol and tobacco (2.5 percent, down from 2.6 percent in May), non-energy industrial goods (0.7 percent, stable compared to May) and energy (0.2 percent, down from 0.3 percent in May).
Still from Eurostat data, we also learn that in May the seasonally adjusted unemployment rate in the euro area was 6.4 percent, stable compared to April and down from 6.5 percent in May 2023, while in the EU the unemployment rate stood at 6 percent, also stable compared to April 2024 and May 2023.
Among the major economies, Italy recorded an unemployment rate of 6.8 percent, stable compared to April and down from 7.8 percent in May 2023. Spain, on the other hand, recorded a rate of 11.7 percent, Germany at 3.3 percent, France at 7.4 percent and the Netherlands at 3.6 percent. As for youth unemployment, according to Eurostat, there were 2.828 million unemployed people under the age of 25 in the EU, of whom 2.287 million were in the euro area, with an unemployment rate of 14.4 percent in the EU, down from 14.5 percent in April, and 14.2 percent in the euro area, stable compared to the previous month.
Compared to April, youth unemployment fell by 13 thousand units in the EU and rose by 3 thousand units in the euro area. Compared to May of the previous year, Eurostat records 80 thousand more unemployed young people in the EU and 32 thousand in the euro area. Regarding the data divided by gender, in May, the unemployment rate for women was 6,3 percent in the EU, stable compared to April, while the unemployment rate for men was 6,7 percent, also stable compared to the previous month. In the euro area, the unemployment rate for women was 6,1 percent, stable compared to the previous month, and that for men was 2024 percent, compared to 6,1 percent in April 2024.
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