Euro zone employment fell at slower rate in second quarter

Friday 13 September 2013 10.19
Greek unemployment has climbed to 28%
Greek unemployment has climbed to 28%

The number of people in work in the euro zone fell in the second quarter of this year but at a slower rate, adding to hopes that the bloc's modest recovery may be gaining momentum.

Employment in the 17 nations sharing the euro fell 0.1% in the April-to-June period compared to the first quarter, which was significantly less than the two previous quarters, Eurostat has said.

The euro zone emerged from a recession in the second quarter, ending its longest downturn since the currency area's creation in 1999, while June saw unemployment fall for the first time in more than two years.

However, the recovery remains weak and reliant on exports, and European Central Bank President Mario Draghi warned this week that it was still "very, very green".

Business surveys point to better morale, but improvements in hard data meanwhile are modest at best, highlighted by this week's unexpected fall in July industrial production in the euro zone.

The euro zone's job rate has not been in positive territory since the start of 2011 and unemployment in Greece has climbed to 28%.