Europe Unemployment Lowest in Decade

Europe Unemployment Lowest in Decade

FRANKFURT, Germany (AP) -- The unemployment rate in the 19 European Union countries that use the euro fell to its lowest in more than a decade in May as domestic demand and low interest rates help keep the recovery going.

Official figures Monday showed the jobless rate declined to 7.5 percent from 7.6 percent in April, well below the peak of 12.1 percent in 2013 in the wake of a debt crisis that threatened to break up the euro.

Export-dependent manufacturing has suffered due to the trade conflict between the U.S. and China. But domestic demand has held up, and the economy is further supported by record low interest rates set by the European Central Bank. Weakening indicators and slack inflation have led the ECB to signal more stimulus may be coming.

(KA)