Indicators: Unemployment and inflation continue to increase in Luxembourg and across Europe, two new reports have shown.
Luxembourg has the third best employment figure in the EU, although it continues to rise, a new report has revealed.
The Grand Duchy’s seasonally adjusted unemployment rate in May was 5.7%, trailing only Austria (4.7%) and Germany (5.3%), the EU’s statistics bureau said on Monday. That means there were 14,000 jobseekers in Luxembourg in May 2013, up from 13,000 and an unemployment rate of 5.1% in May 2012, according to Eurostat.
The Grand Duchy’s unemployment rate was lower than the rates found across the entire euro area (12.1%), the EU28 (11.0%), France (10.4%), Belgium (8.6%), the UK (7.7% in March 2013) and the Netherlands (6.6%). The highest jobless figures were recorded in Spain (26.9%), Greece (26.8%) and Portugal (17.6%). Ireland’s unemployment rate was 13.6%, down from 14.9% the year before.
For comparison, Eurostat said the US jobless figure was 7.6% in May 2013.
Luxembourg fared slightly less well in its level of seasonally adjusted youth unemployment. Among those under 25, the jobless rate in the Grand Duchy was 19.4%, up from 18.7% in May 2012. That means Luxembourg placed behind Germany (7.6%), Austria (8.7%), the Netherlands (10.6%), Denmark (11.6%) and the fifth-ranked Czech Republic (18.7%).
At the same time, the Grand Duchy’s under-25s unemployment figure was lower than the May 2013 jobless rate found in Ireland (26.3%), France (24.6%), the entire euro zone (23.8%), the EU28 (23.2%), Belgium (22.7%) and the UK (20.2% in March 2013).
Separately the EU statistical office issued a preliminary estimate for euro area inflation in June 2013. Consumer prices across the 17 countries that use the euro are reckoned to have risen at an annualised rate of 1.6% last month.
On Monday, Eurostat stated: “Looking at the main components of euro area inflation, food, alcohol & tobacco is expected to have the highest annual rate in June (3.2%, stable compared with May), followed by energy (1.6% compared with -0.2% in May), services (1.4% compared with 1.5% in May) and non-energy industrial goods (0.7% compared with 0.8% in May).”
The preliminary indicator did not break out consumer price gains by individual country.