Euro Area Jobless Rate at 10.3%; Steady Inflation

Arthi Gupta
30 Nov, 2011
New York City

Euro area inflation remained steady but above the central bank target and German unemployment fell in November. France''s consumer spending was flat, the jobless rate in Italy and retail sales in Norway increased. Sweden''s current account surplus rose.

[R]2:30 PM Frankfurt – Euro area inflation remained steady but above the central bank target and German unemployment fell in November. France''s consumer spending was flat, the jobless rate in Italy and retail sales in Norway increased. Sweden''s current account surplus rose.[/R]

Euro-zone Jobless Rate Rises

The euro area jobless rate rose to 10.3% in October from 10.2% in September, Eurostat reported today.

The number of unemployed increased 126,000 from the prior month to 16.294 million in October. Compared to the previous year, unemployment rose 367,000.

In the EU27, the jobless rate was at 9.8% in October compared to 9.7% in September.

German Unemployment Drops

German unemployment decreased considerably in November, the Federal Labor Agency said on Wednesday.

The number of unemployed fell 20,000 in November as against the rise of 6,000 in October.

The seasonally adjusted jobless rate fell to 6.9% in November from 7% in October.

In another report, Germany''s unemployment declined notably in October, according to the results of the labor force survey.

The number of unemployed decreased by 30,000 or 1.4% in October from a month ago, the Federal Statistics Office said on Wednesday. At the same time, unemployed declined by 571,000 annually to 2.19 million.

Italy Jobless Rate Up

The jobless rate in Italy increased to 8.5% in October, from 8.3% in September, data from the statistics office Istat showed.

The number of unemployed amounted to 2.134 million, 2.5% higher compared to September. On an annual basis, there was an increase of 1.8% in the number of unemployed.

Euro Area Inflation Steady

Euro-zone inflation remained at the highest level since October 2008, flash estimates from Eurostat showed today.

Inflation was 3% in November, unchanged from October and above the central bank target of “below, but close to 2%” since December 2010.

French Consumer Spending Flat, PPI Rises

France''s consumer spending was flat in October, data released by the statistics office INSEE showed.

Consumer spending remained unchanged from the previous month, after decreasing 0.2% in September, revised from a 0.5% fall reported originally.

From a year ago, consumer spending dropped 0.9% in October.

Separately, French producer prices increased 5.5% from a year ago in October, data from the statistics office Insee showed.

On a monthly basis, the index rose 0.4% in October versus the 0.2% increase recorded in September.

German Retail Sales Decline

Germany''s retail turnover, excluding motor vehicles, dropped 0.4% in real terms from a year ago in October, following an upwardly revised 0.6% gain in September, data released by the Federal Statistics Office showed today.

The latest decline was the first in three months.

Food sales dropped 2.7%, while non-food sales grew 0.3% in October.

Compared with the previous month, sales rose 0.7% in October, after a downwardly revised 0.3% monthly gain in September.

Norway Retail Sales Rises

Retail sales in Norway increased in October, Statistics Norway said on Wednesday.

The seasonally adjusted retail sales volume index, excluding motor vehicles, rose 0.8% on a monthly basis in October.

Dutch Factory Price Inflation Eases, Confidence Worsens

The producer price inflation in Dutch manufacturing industry eased to 8.2% in October from a year ago compared to the 9.7% rise in September. The latest rate of increase was the weakest since August last year.

On a monthly basis, the index fell 0.6% in October, reversing a 0.6% gain in September.

Separately, Dutch producer confidence deteriorated further in November, a monthly survey by Statistics Netherlands showed on Wednesday.

The corresponding index fell to -4.8 in November from -3.2 in October.

Hungary PPI Quickens

Producer price inflation in Hungary accelerated to 7% in October from 4.1% in September, the Hungarian Central Statistics Office said.

Sweden Surplus Improves

Sweden''s current account surplus increased to SEK 76.1 billion in the third quarter from SEK 61.8 billion in the second quarter, Statistics Sweden said on Wednesday.

The surplus data is the largest since the first quarter of 2008, when it was SEK 86.8 billion. Strong growth in exports led the trade in goods and services to log a surplus of SEK 64 billion during the quarter.