Euro-zone Jobless Rate Falls to 9.9%; French Auto Sales Up 6.1%

Arthi Gupta
01 Apr, 2011
New York City

Euro-zone unemployment in February declined to 9.9% and in the wider zone of 27 nations the rate eased to 9.5%. Manufacturing expansion in the region slowed in March. French car sales increase slowed to 6.1%. Swiss retail sales rebounded in February.

[R]1:30 PM Frankfurt – Euro-zone unemployment in February declined to 9.9% and in the wider zone of 27 nations the rate eased to 9.5%. Manufacturing expansion in the region slowed in March. French car sales increase slowed to 6.1%. Swiss retail sales rebounded in February.[/R]

Euro-zone Jobless Rate Drops, Manufacturing PMI Slows

Euro-zone unemployment rate dropped slightly in February after staying unchanged in the previous two months, latest data from the Eurostat showed today.

The seasonally adjusted jobless rate was 9.9% in February, down from an upwardly revised 10% in January. The number of unemployed decreased 77,000 to 15.7 million in February from 15.82 million in January.

The jobless rate for EU27 decreased to 9.5% in February from 9.6% in January and the number of unemployed dropped by 99,000 to 23.05 million.

Euro-zone manufacturing expansion slowed in March from February''s ten-and-a-half year peak, according to data released from Markit Economics today.

The Markit final manufacturing Purchasing Managers'' Index declined to 57.5 in March compared to February''s reading of 59 and marginally down on the earlier flash estimate of 57.7.

German Manufacturing PMI Eases

German purchasing managers'' index eased to 60.9 in March from 62.7 in February, Markit Economics said today, confirming a flash report released on March 24.

French Car Sales Up, Manufacturing Sector Activity Slackens

French car sales increased 6.1% annually in March compared to the 13.7% rise in February, auto manufacturers'' association CCFA said on Friday. The number of registrations totaled 257,631 during the month.

Sales of light commercial vehicles increased 4.7% in March and that of commercial vehicles climbed 63.7%. Light vehicle sales grew 5.9%.

French headline Purchasing Managers'' Index for the manufacturing sector dropped to 55.4 in March from 55.7 in February, data from Markit Economics showed. It also stayed below the earlier flash estimate of 56.6.

Italian Jobless Rate Rises

Italy''s jobless rate rose to 8.7% in the fourth quarter from 8.6% in the same period last year, the statistics office Istat said on Friday.

The number of unemployed in the fourth quarter increased 35,000 to 2.2 million.

Austria''s Unemployment Falls

Austria''s registered unemployment declined 5.2% annually in March to 252,587, the Ministry of Labor and Social Affairs said.

The number of unemployed males declined 10.1% annually to 146,275 in the country at the end of the month. The number of female job seekers increased 2.6% on an annual basis to 106,312 in March.

Norwegian Jobless Rate Declines

Norway''s unemployment fell to 2.9% of the workforce in March from 3% in February, the Norwegian Labor and Welfare Service (NAV) said on Friday.

The number of registered unemployed fell 5,600 from the previous year to 74,200 at the end of March.

Swiss Retail Sales Rebounds

Switzerland''s real retail sales increased 1.5% annually in February, following a 2.4% drop in January, the Federal Statistics Office said in a report on Friday. Excluding fuel, retail turnover in real terms grew 1% in February, reversing January''s 2.9% drop.

On a monthly basis, retail sales rose 3.8% in February compared to a decline of 2% in January. Excluding fuel, the retail sector showed a seasonally adjusted increase in real turnover of 4% compared with January.

Spanish Manufacturing PMI Declines

Operating conditions across Spanish manufacturing sector expanded at a slower pace in March, mainly reflecting weaker growth in new orders and output.

Survey results from Markit Economics showed today that the seasonally adjusted purchasing managers'' index dropped to 51.6 in March from 52.1 in February.

Hungary Manufacturing PMI Dips

Hungary''s seasonally adjusted manufacturing purchasing managers'' index declined to 53.8 in March from 56.9 in February, the Hungarian Association of Logistics, Purchasing and Inventory Management said on Friday.