The Eurozone unemployment rate remained at a record-low level in May, highlighting the resilience of the labour market across the 21-member currency bloc.
Hiring conditions stayed relatively stable despite economic uncertainty and inflation concerns linked to the war in Iran.
Jobless Rate Holds at 6.2%
According to data released by Eurostat on Thursday, the seasonally adjusted unemployment rate stood at 6.2% in May.
The figure was unchanged from April and came in slightly below economists’ expectations of 6.3%.
The data suggests that the Eurozone labour market has remained strong despite recent pressure on businesses and consumers.
Falling Oil Prices Ease Inflation Concerns
The employment outlook could receive further support from signs that inflationary pressures are beginning to ease.
Oil prices have returned to levels seen before the conflict following an interim peace agreement signed between the United States and Iran in June.
European Central Bank President Christine Lagarde also said this week that the risks of inflation moving higher or lower are now more balanced than they were several weeks ago.
Iran Conflict Had Raised Economic Risks
Crude oil prices rose sharply after the joint US-Israeli military assault on Iran began in late February.
The increase threatened to push inflation higher across the Eurozone, weaken economic growth and place additional pressure on households and businesses.
The European Central Bank cited these inflation risks as one of the main reasons behind its decision to raise interest rates last month.
